Tungsten Properties has paid £7.5 million for a plot at Lyncastle Road, Appleton Thorn Trading Estate in Warrington from Travis Perkins in Warrington.
Funded by British Airways Pension Trustees, the 11.03 acres site could accommodate a new logistics warehouse. A planning application is being prepared by Pegasus Group.
Subject to planning, Tungsten Properties will redevelop the site to build a new commercial warehouse totalling 243,000 sq ft including office space, 18 dock-levellers and a 229-car park with new access, which will house more than 200 jobs.
It is expected that demolition works will start later this year with the unit available from late summer 2021. Colliers and Moriarty & Co have been appointed letting agents.
This purchase is Tungsten Properties’ third acquisition during lockdown following its Yorkshire acquisitions of Super B in Bradford, a new 230,000 sq ft warehouse development, and the former B&Q in Sheffield for a new 170,000 sq ft warehouse.
The developer currently has 600,000 sq ft, out of a committed pipeline of 1.65 million sq ft under construction. The total gross development value of the pipeline is £186 million.
Ian Dunckley, development director at Tungsten Properties commented: “Our latest acquisition in Warrington, which is our second funding partnership with British Airways Pensions Trustees, responds to the lack of new logistics stock in the North West and demand from businesses for new, state of the art expansion space. Savills recently reported that the North West has a logistics’ market vacancy rate of just 5.48%, the lowest level ever recorded and with the development pipeline in the area below 1 million sq ft, they calculated that the region has just 1.07 years’ supply. Therefore, our investment aims to meet market demand to create workspace, jobs and solutions for business and ultimately consumers.”
Colliers acted on behalf of Tungsten Properties and British Airways Pension Trustees; Avison Young and B8 acted on behalf of Travis Perkins
