Liverpool City Council has approved the investment firm’s plans for a £15m expansion of Triumph Industrial Park in line with officers’ recommendations, and work is expected to start on site next month.
InfraRed Capital Partners bought the complex last year for £30m from an undisclosed vendor on behalf of InfraRed Active Real Estate Fund. It appointed Merseyside-based commercial developer Network Space Developments to bring forward the 138,000 sq ft expansion of Triumph.
The planned development, which features 12 industrial units to be built on a vacant plot on the south-west corner of the industrial park, will take the total footprint of the complex to almost 1m sq ft.
The units are to range in size from 3,000 sq ft up to 34,000 sq ft. The six larger warehouse units include ancillary first floor offices and designated parking spaces, while one sub-divided terraced warehouse houses a further six smaller business units.
The scheme, which was recommended for approval by Liverpool City Council’s planning committee this week, will be completed by the third quarter of next year, according to InfraRed.
Dean Harrison, investment director of InfraRed Capital Partners, said: “The greater turn to e-commerce in recent months has increased demand for modern, urban logistics assets, which this project delivers.
“The scheme has sustainability in mind and will incorporate electric vehicle charging points for each unit and LED lighting throughout. It will also be zero-carbon ready, allowing for easy future provision of renewable energy technologies.”
Network Space development director Joe Burnett added: “The scheme brings significant logistical and economic benefits to the Liverpool city region. The extension to Triumph Business Park will complement existing businesses and amenities, as well as neighbouring retail outlets.”
AEW Architects designed the scheme and CBRE and B8 Real Estate are the joint lettings agents for Triumph. Spawforths was the planning consultant.
Network Space provides asset management services across the park.