Telereal Trillium sells Warrington industrial
The 8.5-acre site has planning consent for a 120,000 sq ft redevelopment project.
CBRE Investment Management is understood to have acquired the plot behalf of the Pension Protection Fund for an undisclosed sum.
Part of the Gemini Business and Trade Park, Telereal Trillium applied to convert the former BT call centre on Europa Boulevard into an industrial unit after the telecommunications company relocated to Birchwood Park.
Aew Architects has designed the project and Turley is advising on planning.
Having acquired the site, CBRE IM plans to refurbish the property, with a focus on enhancing its environmental credentials.
Rob Trevor, head of asset management logistics UK at CBRE IM, said: “This was an exciting opportunity to acquire a logistics asset in an excellent location. Warrington has seen strong take-up and rental growth over the last three years.
“With limited supply and strong demand for logistics properties, this asset has excellent potential.
Sam Rosenkranz at Telereal Trillium, said: “The property received significant buyer interest, but we believe CBRE Investment Management will bring a good quality product forward to meet the unprecedented demand for warehouse and logistic space in the North West.”
Moriarty and Co advised CBRE IM on the acquisition. Harlex is the development manager.
Gerald Eve and B8RE acted for Telereal Trillium.