Total Developments has completed the acquisition from Northwood of the final three-acre development plot at the successful Orion Park scheme on University Way, Crewe.
Total hopes to capitalise on the announcement this week that the Crewe–Birmingham HS2 link is to open six years earlier than planned.
The purchase follows on from Total’s recent completion of a nine-unit speculatively built scheme comprising 70,000 sq ft of industrial accommodation, fully let prior to practical completion and achieved headline rentals for the town, slightly under £6/sq ft.
Total Developments plans to submit a detailed planning application for the construction of two industrial buildings of 12,000 up to 30,000 sq ft along with a standalone two-storey office building of 4,000 sq ft, providing frontage onto University Way.
Orion Park was formerly land owned by The Duchy of Lancaster and was released to the market in early 2000 after the completion of the first phase of the new Crewe Green Link Road.
The second phase of the Link Road completes in December 2015 providing improved traffic flow to junction 16 of the M6 motorway along with improved general infrastructure for the town itself.
Matthew Pochin, director, Legat Owen, has been involved with the scheme since its conception. He said: “The resilience the town of Crewe showed throughout the downturn and the way it has since pushed forward into growth has to be one of the highlights of the north west market.
“The news that HS2 will open by 2027 will bring further investment to the area as businesses look to relocate and take advantage of the new infrastructure. The town has already seen one of the first speculative schemes completed and successfully let, which has lead to improved confidence in the market, confidence which Total has shown in acquiring the last available spot for development in the town.”
Edward Chantler of Total Developments said: “We see Crewe, like so many key towns of the North West, lacking new and high specification units for SMEs. Orion Park offers the rare opportunity to create space to cater for the lack of supply and pent up demand.”
Northwood was represented by Legat Owen and Bilfinger GVA. Total Developments was unrepresented. The site was bought for an undisclosed sum.