Caddick has been chosen by Network Space to build three speculatively-developed units at Alchemy Business Park in Knowsley, totalling 103,000 sq ft.
The 30-acre site fronting the A580, around a mile from the M57, includes three self-contained units of 22,900 sq ft, 35,200 sq ft, and 45,500 sq ft, all of which are being developed speculatively under the name Element.
The developer said it was already experiencing “encouraging interest” from a range of occupiers, and rents are understood to be around £6.50/sq ft. B8 and CBRE are the appointed agents for the project. Caddick Construction is due to start on site this month and will complete in May next year.
Element has been supported by a £1.8m grant from the Local Growth Fund from the Liverpool City Region’s Single Investment Fund.
Stephen Barnes, managing director of development at Network Space, said: “It is well known that there remains a shortage of industrial warehouse space across the region, especially of this quality.
“This, coupled with the prominence and accessibility of the location and presentation of the site, makes Element a very compelling proposition.”
Steve Rotheram, Liverpool City Region Metro Mayor, said: “Our key role as a Combined Authority is to create the conditions for economic growth, which will benefit everyone in the city region. High-quality projects like this, which provide jobs for local people and act as a catalyst for the local economy, are exactly the kind of scheme we are keen to support.”
Cllr Graham Morgan, leader of Knowsley Council, added: “This latest development is a further demonstration of the confidence that an increasing number of developers have in choosing Knowsley, and in particular our strategic location, to invest and do business.”
Earlier this year, Network Space sold the 50,000 sq ft Mere Grange Business Park in St Helens to Squarestone for £4.85m, representing a net initial yield of 7.85%.
Caddick is currently building a further 90,000 sq ft for Network Space alongside Mere Grange, which is due to complete this month.