Icon Industrial, the strategic joint venture by Stoford Developments and TPG Real Estate has completed the forward sale of a major, large-scale warehouse at their Icon Manchester development in Manchester Airport.
Purchased by leading investment services group Alpha Real Capital for a sum of £15.023 million, the firm has agreed to buy the 102,500 sq ft Unit 4 industrial/warehouse facility at the Manchester airport site.
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.”
The multi-million-pound sale comes just weeks after the largest airline caterer Alpha LSG, announced it will move into the highly specced building.
Alpha LSG’s new unit will almost double the firms existing space when it is completed next year May.
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.”
Not one to rest on their laurels, Stoford & TPG are currently planning to speculatively build ‘Icon 138’ a grade A, 138,375 sq ft warehouse and logistics building at the Icon Manchester Airport site.
Work has already begun on the self-contained facility which is scheduled for completion in June 2020.
Real estate advisors, JLL advised Alpha Real Capital on the acquisition of Unit 4, Icon Manchester. Leading property advisory business, DTRE acted on behalf of Icon Industrial / Stoford Developments.
Featured Image: Indicative CGI featuring Icon138 and Unit 4, Icon Manchester.