Quorum Estates has exchanged contracts to acquire a 93,000 sq ft distribution facility and an adjacent development site of 6.25 acres in Crewe for an undisclosed sum from the owner occupier Japan Tobacco International.
Quorum has already submitted a planning application for a 110,000 sq ft speculative warehouse to be built on the development site which is due to be determined by Cheshire East in early March. AEW is the architect advising.
Paul Cook, director of Quorum, said: “We’ve been working closely with JTI on this deal for some time now in order to agree an exit strategy that fitted in with their business plan. JTI will consolidate their operations into their [separate] retained building, enabling us to bring forward the existing building and development plot in June 2017.”
Cook added: “This is the last remaining development site on Weston Road, an area that has proven to be a successful industrial destination, and one which is now even more accessible following completion of the bypass linking to J16 of the M6. There remains an undersupply of good quality warehouse facilities in Crewe, and in the wider area, and we hope to satisfy some of that demand with these two buildings.”
Knight Frank and Legat Owen have been retained as the joint letting agents for both the existing 93,000 sq ft warehouse and the development plot. The building will be available for occupation from June 2017, and the new build is scheduled to complete in early 2018.