Trebor, Hillwood acquire 345,000 sq ft Crewe shed
The joint venture bought the site from AEW UK with vacant possession. Bargain Booze vacated the site earlier in this year and it will now be redeveloped.
Trebor Developments and Hillwood Investment Properties bought the 345,000 sq ft Crewe industrial complex in an off-market deal. The purchase price was not disclosed.
The site comprises 13 acres and benefits from having already secured detailed planning consent for a single 335,000 sq ft logistics unit, which will start on site in Q1 2024.
Demolition of the former Bargain Booze facility will begin this autumn.
Greg Dalton, development director for Trebor, said: “We have long held an interest in acquiring this site for redevelopment and are delighted to have reached an agreement with AEW that satisfies both parties aspirations.
“The deal is an example of our proactive approach to acquiring new opportunities, even against the challenging market conditions of the past 12 months, and we look forward to investing in new logistics space for the area and greatly improving on what is available on site today.”
Knight Frank acted on behalf of Trebor and Hillwood on the acquisition and will be retained as joint letting agents alongside Avison Young.
TT&G Partners acted on behalf of AEW UK Core Plus Property Fund.
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By Karen Andrews