The Cheshire developer has sold a 57,000 sq ft industrial scheme at Orion Park in Crewe to Kames Capital for £4.62m.
The buyer, an investment business based in Edinburgh and London. has acquired the development, which comprises two buildings, a month after its completion. The building was speculatively built and subsequently let to Core Fulfilment on a five-year lease at £6 per sq ft. Core, an e-commerce order fulfilment firm, relocated from Sandbach.
Orion Park is located on University Way, four miles from junction 16 of the M6. The accommodation includes open-plan office space, adaptable accommodation and parking.
Edward Chantler, managing director of Total Developments, said: “This deal has shown that in the right locations, speculative development can succeed. We believe Crewe is a strategic destination for industry and we are delighted to have gained planning consent to begin on site at Apollo Park on University Way, which is next door to Orion Park, with our second scheme in Crewe.”
Apollo Park won planning consent this year, and Pioneer Design & Build was appointed in September to build the scheme out. It will offer five units ranging in size from 15,000 sq ft up to 45,000 sq ft on a 12-acre site, where 120,000 sq ft will be initially built out, with a further 45,000 sq ft to follow.
Total was advised by Legat Owen. Director Matthew Pochin said: “The sale of Orion demonstrates the strength of the local economy, with investment in Crewe increasing and industry seeking space there.
“Total Developments’ purchase of Orion Park was a considered investment and we believe its neighbouring speculative development at Apollo Park will generate equal level of enquiries. Indeed we have already secured one pre-let and one pre-sale at Apollo Park”
Kames Capital was advised by Savills.