The £15.023 million sale of a 102,5000 sq ft warehouse let to inflight catering company Alpha LSG, is forward funding the speculative development of a new 138,375 sq ft warehouse and logistics building.
Stoford is now speculatively building Icon 138, a self-contained facility. It is scheduled for completion in June 2020.
It 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. It will 15m eaves, 10 dock and two level-access doors, and an 85m secure yard with 185 car parking spaces and 17 HGV spaces.
Alpha Real Capital, agreed to buy Unit 4, the unit let to Alpha LSG in June this year from Icon Industrial, a strategic joint venture by Stoford Developments and TPG Real Estate.
Planning for both units was submitted at the beginning of the year.
Icon Manchester Airport is already home to occupiers including Amazon and DHL, with on-site amenities including a BP petrol filling station, Costa Coffee and M&S Simply Food.
The site also houses The Hut Group’s new logistics and global content creation studio, which saw the development of a 168,000 sq ft warehouse and 104,000 sq ft of office space across four floors.
Icon Manchester is a £150 million 45-acre build to suit logistics/warehouse development that forms part of the Airport City masterplan.
JLL advised Alpha Real Capital on the acquisition of Unit 4, while CBRE and DTRE acted on behalf of Icon Industrial / Stoford Developments.