Oxenwood Real Estate and its development partner Stoford Developments have sold a 126,000ft² logistics facility at Stone Cross Park in Warrington to international packaging firm ALPLA. Oxenwood and Stoford acquired the facility last November with plans to refurbish and extend the built space and develop a new facility on the surplus yard. Having now sold the built facility in an unrefurbished state, they intend to begin construction this month on a new 72,500ft² grade A facility, called Stone Cross 72. GMI Construction has been appointed as contractor and is due to deliver the new building by January 2020. The purchase price was not disclosed.
Stone Cross Park is located close to junction 23 of the M6, north of Warrington, within the wider Stone Cross employment area, which extends to 80 acres. Local occupiers include Ansell Lighting, Righton, Cold Move and Gefco.
Stewart Little, co-founder of Oxenwood Real Estate, said: “The sale of Stone Cross 136 at an early point in our business plan supports our strategy of buying vacant or short-let units that provide flexible and cost-effective accommodation in areas of strong occupier demand. We will continue to deploy capital into markets where we have conviction in occupational markets and can create strong income returns to our investors”.
Tony Nash, Director, Stoford Developments, said: “We are pleased to have completed a deal with ALPLA for the sale of Stone Cross 136. Alpla is an internationally-renowned brand and its decision to acquire this industrial/warehouse unit is a testament to the strength of the location for occupiers seeking to be connected to the M6 and M62 corridors. Stone Cross is an established and prime logistics location with an enviable line up of well-respected tenants, in a region that has a shortage of available stock. We look forward to commencing work on Stone Cross 72 as part of phase two of the scheme and are anticipating considerable demand from potential occupiers”