The 125,000 sq ft first phase of Redsun’s Aviator industrial scheme has been let to Survitec, as the developer also announced the property’s sale to UK Warehouse Properties.
UK Warehouse Properties is a joint venture between US fund manager Ares and Midlands developer Revelan, and made the purchase of the Aviator125 building for an undisclosed sum.
Survitec, which supplies the marine, defence, aviation and offshore markets, has taken a 20-year lease and will relocate from Birkenhead to the Ellesmere Port warehouse.
Designed by Fletcher Rae, the building was completed by Caddick Construction earlier this year. Also on the design team were Quartz Project Services, Muir Associates and Crookes Walker Consulting. The development was funded with a loan from the North West Evergreen Fund and investment support from the Cheshire & Warrington LEP.
Redsun was advised by Knight Frank, Legat Owen, M1 Agency and Addleshaw Goddard. UKWP was represented by Franck-Steier Price and DLA Piper, with DWF acting for Survitec.
Redsun acquired the 22-acre Aviator site, formally known as Hooton Park, from Homes England in 2017. This first phase occupies seven acres of the site and there remains a further 15 acres of development land for future phases.
Nick Wightman, director of Redsun, said: “These occupier and investor deals represent a great result during a challenging period in the market. Aviator125 also pushes Redsun over the 1m sq ft mark for completed developments in the last 10 years, which is a significant milestone for us.
“Aviator has been a collaborative effort and the LEP ought to be commended for their support in helping us establish this as a flagship industrial and logistics location for Ellesmere Port.
“The location and quality of the building attracted a number of occupier enquiries and we hope to accommodate these companies on future phases, which we will be progressing early next year.”
The site sits within the Cheshire Science Corridor enterprise zone, meaning occupiers benefit from enhanced capital allowances against their fit-out costs.