Acting on behalf of Black & White Developments, Legat Owen incorporating Lamont has disposed of a speculatively built industrial scheme at Orion Park in Crewe for in excess of £2.5m.
Quasar Real Estates, a new joint venture and part of Guernsey-based Jolivet Group, has acquired the 36,000 sq ft scheme, comprising five units, four of which have been let prior to practical completion to a mixture of warehouse, light industrial and trade counter operators.
Located on University Way, this marks the second, speculatively built development within the last 18 months to be completed by Black & White at Orion Park, which is also home to occupiers including Bentley Motors, Parcelnet and H2E Commerce. The scheme has achieved headline rental levels for Crewe, around £5.75/sq ft.
Matthew Pochin, director of Legat Owen, said: “Black and White has been ground breaking in its approach to speculative development in the North West, with few other developers being as confident in the strength of demand that agents are seeing throughout the market.
“The rental values once again reflect the strength of demand for Crewe and lack of opportunities available in the area. The last remaining unit, offering approximately 4,500 sq ft, is close to going under offer, which will bring the space to 100% occupancy.”
Simon Storer principal at Jolivet Group, said: “We are looking to grow Quasar through quality commercial investments and development opportunities throughout the UK and are on target to achieve an asset base in excess of £100million within 12 months. The portfolio will be managed by the Group’s associated Warrington based property asset manager, JPM Real Estate.”