Stoford has completed the forward sale of a 102,500 sq ft warehouse at Icon Manchester, paving the way for a 130,000 sq ft speculative development at the Airport City site.
Alpha Real Capital, an investor in long income assets, has agreed to buy Unit 4 for £15m. The warehouse is under construction and is due to complete in May 2020. The developer is Icon Industrial, a joint venture by Stoford Developments and TPG Real Estate.
The sale follows the news that Alpha LSG, an inflight catering, onboard retail and logistics company, will move into Unit 4 on its completion. Despite the similarity in name, Alpha LSG has no connection to Alpha Real Estate.
Daniel Gallagher, joint managing director at Stoford Developments, said: “Alpha Real Capital’s acquisition is the latest in Icon Manchester’s success story. The quick sale of Unit 4 to Alpha Real Capital is good news and demonstrates what an attractive investment Icon Manchester is.
“The development is situated in a strategically important area of the city region, close to the busy World Freight Terminal, which will provide ambitious logistics businesses with a golden opportunity to expand and be part of this exciting scheme.”
Stoford is now planning to speculatively build Icon 138, a 140,000 sq ft warehouse and logistics building. Work has already begun on the self-contained facility and is scheduled for completion in June 2020.
The warehouse is set to include offices on the first and second floor totalling 6,750 sq ft and a ground floor amenity space of 3,375 sq ft.
Icon Manchester is a 45-acre build-to-suit logistics and warehouse development that forms part of the Airport City masterplan.
The site will include the construction of a logistics and global content creation studio for online beauty retailer The Hut Group. Tenants already include DHL, Amazon, a BP Petrol Filling Station, Costa Coffee and M&S Simply Food.
RJLL advised Alpha Real Capital on the acquisition of Unit 4. DTRE acted on behalf of Icon Industrial and Stoford Developments.