Panattoni has exchanged contracts to acquire a 30-acre brownfield development site at Hardwick Grange in Warrington from Firethorn and English Real Estates for an undisclosed price.
The site, which was formerly occupied by Safeway and Iceland, is located adjacent to Junction 21 of the M6.
Panattoni intends to bring forward proposals to deliver a new sustainable logistics park, with a GDV of circa £135m, on the site. The existing obsolete existing buildings will be replaced with high quality, energy-efficient space, which Panattoni will build on a speculative basis.
Dan Burn, head of development for the North West and Yorkshire at Panattoni, said: “We are delighted to have acquired this major strategic site in Warrington. The obsolete buildings are at the end of their economic life and our intention is to bring forward a high quality, sustainable redevelopment that reflects both the site’s potential and its importance to the local economy. We look forward to working collaboratively with Warrington Borough Council and our planning consultants, Lichfields, to refine our proposals ahead of submitting a planning application early next year.”
Chris Webb, partner at Firethorn, added: “Securing the lease surrender with the tenant Morrisons has unlocked the opportunity to move this brownfield site forward and it has been a pleasure working with both Morrisons and Panattoni to deliver this. The sale of the Hardwick Grange site will unlock the next phase of this site’s potential with Panattoni well placed to deliver this ambitious redevelopment project to the benefit of the local area. Firethorn is well capitalised and remains committed to the logistics sector, actively pursuing high quality opportunities across the UK, where we can create value and maximise asset returns.”
DTRE advised Panattoni on the transaction. CMS provided legal counsel.
