Space Northwest, the industrial investment joint venture between Ashtenne and the North West Development Agency, has sold two Merseyside estates for an undisclosed sum to Liverpool-based developer TJ Thomas Estates Group.
The first is Erskine Street Industrial Estate in Liverpool, made up of 23 units ranging in size from 894 sq ft to 4,565 sq ft with tenants including Crown Food Supplies, TNT and Watkin Jones. There are three units available for letting on the site.
The second is School Lane Industrial Estate, comprising of four units. The adjoining Gateway 4 site, part of Knowsley Business Park, was previously developed by TJ Thomas Estates and in the long term, once the four additional units have been refurbished, will be merged into the Gateway 4 site. There is only one unit available for letting and the current tenants include Studio Argent, Track Conveyor Systems, and Bearings Power.
David Mahoney, from TJ Thomas Estates, based on Wavertree Road, said: "We have a number of property interests across Merseyside and the North West and we believe these new investments demonstrate our real confidence in the improving market."
Mahoney added: "We acquired the Gateway 4 site in 2006 and we are looking to refurbish the additional units on the School Lane site to a similar standard to those on Gateway 4 and bringing the whole estate together. This will provide a valuable addition to the Knowsley Business Park and provide an additional 11,248 sq ft of high quality industrial/commercial space in the area."
Andrew Owen, from acquiring agents Mason Owen, said: "It is very heartening to see local investors and developers like TJ Thomas Estates showing such confidence in the market by investing in sites like these. The quality of the refurbishment carried out by TJ Thomas Estates at Church House, demonstrates their commitment to delivering the very best and we expect interest in the vacant industrial units to be very high."
TJ Thomas also recently completed the refurbishment of the 12,500 sq ft retail and office Church House on Hanover Street, Liverpool.