£15m deal paves way for speculative development at Icon Manchester Airport

North West | Property & Construction

Commercial property developer, Stoford has completed the forward sale of a major warehouse at Icon Manchester, paving the way for a new speculative development at the strategic site.

Alpha Real Capital, a leading investor in long income real assets, has agreed to buy Unit 4, a new, state-of-the-art 102,500 sq ft industrial/warehouse facility at the Manchester Airport development, from Icon Industrial, a strategic joint venture by Stoford Developments and TPG Real Estate.

The £15m sale comes just weeks after Alpha LSG, the largest inflight catering, onboard retail and logistics company in the UK, announced it will move to the highly specified industrial/warehouse building to secure its future in the region.

Alpha LSG will almost double its existing space when it moves its bonded warehouse operation to the £150m Icon Manchester development. Construction has already started on the unit and completion is programmed for May 2020.

Daniel Gallagher, joint Managing Director at Stoford Developments, said: “Alpha Real Capital’s acquisition is the latest in Icon Manchester’s success story. The quick sale of Unit 4 to Alpha Real Capital is good news and demonstrates what an attractive investment Icon Manchester is.

“The development is situated in a strategically important area of the city region, close to the busy World Freight Terminal, which will provide ambitious logistics businesses with a golden opportunity to expand and be part of this exciting scheme.”

Roger Skeldon, Fund Manager for Time:Commercial Long Income, said: “The purchase of this property, like others recently completed by the fund, further enhances our strategy of acquiring robust good quality assets let to high quality tenants. This acquisition allows for our investors to receive secure rental income with inflation-linked growth over a long term. The strategic location of Icon Manchester means that this estate should continue to be desirable to both investors and occupiers.”

Stoford is now planning to speculatively build Icon 138, a grade A, 138,375 sq ft warehouse and logistics building. Work has already begun on the self-contained facility, which features a highly specified building. It is scheduled for completion in June 2020.

The facility will comprise a 128,250 sq ft warehouse with offices on the first and second floor totalling 6,750 sq ft and a ground floor amenity space of 3,375 sq ft. Bespoke features include 10 dock-level doors, two level-access doors, 15-metre eaves height, and there will be 85m secure yard with 185 car parking spaces and 17 HGV spaces.

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