Oxenwood Real Estate and Stoford Developments have sold a 126,000 sq ft logistics facility at Stone Cross Park in Golborne, also announcing a start on site by GMI on a 72,500 sq ft neighbouring building.
International packaging firm Alpla has taken the existing building at the former Carlsberg depot. Consent was secured in May this year for the redevelopment of this facility into Stone Cross 136, an extended 136,000 sq ft building, along with a 72,500 sq ft new-build on adjacent land.
Austrian business Alpla, which employs more than 20,000 staff worldwide, already occupies two large facilities at Stone Cross, one of them adjacent to Stone Cross 136.
Investor Oxenwood and its development partner Stoford acquired the facility last November with plans to refurbish and extend the built space and develop a new facility on the surplus yard. Having now sold the built facility in an unrefurbished state, they intend to begin construction this month on Stone Cross 72. Avison Young were advisors on the project. GMI Construction has been appointed as contractor and is due to deliver the new building by January 2020.
Stone Cross Park is located close to junction 23 of the M6, north of Warrington, within the wider Stone Cross employment area, which extends to 80 acres. Local occupiers include Ansell Lighting, Righton, Cold Move and Gefco. Oxenwood and Stoford are advised by Gerald Eve, M1 Agency and DTRE.
Stewart Little, co-founder of Oxenwood Real Estate, said: “The sale of Stone Cross 136 at an early point in our business plan supports our strategy of buying vacant or short-let units that provide flexible and cost-effective accommodation in areas of strong occupier demand. We will continue to deploy capital into markets where we have conviction in occupational markets and can create strong income returns to our investors.”