Flexspace has sold the 140,000 sq ft Capitol Trading Park for £9.45m to a multi-let urban logistics investment fund managed by property investment company JR Capital and asset manager Chancerygate.
The park, which is located within Knowsley Industrial Park seven miles from Liverpool city centre, comprises 22 units ranging from 1,600 sq ft to 24,500 sq ft.
Michael Ferris, head of investment at JR Capital, said: “We are pleased to have completed this latest acquisition in Liverpool, having intentionally targeted opportunities in the North West of England. It is a region we are bullish on for multi-let industrial due to the favourable supply and demand dynamics. Alongside the acquisition of Capitol Trading Park, we have also completed on a new £20m facility credit approved with the intention of increasing to £50m from NatWest Bank. This will support our deployment strategy over the coming months.”
Stuart McGill, asset manager at Chancerygate, added: “Capitol Trading Park is a key opportunity to increase our portfolio with a well-established, strategically located asset. Our latest acquisition sits in one of Liverpool’s prime industrial locations and reflects the strong confidence we have in the North West market for urban logistics accommodation.
“The estate offers some exciting opportunities to add value and we plan to be on site carrying out refurbishment works in the very near future. These works will focus on providing good quality units to a supply starved market and will also enhance the sustainability metrics of the estate.”
JR Capital and Chancerygate’s £150m multi-let urban logistics investment fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.
Ereira Mendoza & Co acted on behalf of Chancerygate and JR Capital. Allsop and LM6 advised Flexspace.
