Planning has been approved for a 138,000 sq ft industrial development, Spitfire Court on the Triumph Business Park in Speke. Work is scheduled to begin on site in October 2020 with completion targeted for Q3 2021.
The Park was acquired by InfraRed Capital Partners Limited (“InfraRed”) in 2019, on behalf of InfraRed Active Real Estate Fund IV, who appointed Merseyside-based Network Space Developments last year to bring forward the £15m speculative scheme on a plot of vacant land to the south-west corner. The scheme will bring 12 Grade A industrial units to market, taking the total Park footprint to almost 1million sq ft.
The proposed units range in size from 3,000 sq ft up to 34,000 sq ft. Six larger warehouse units include ancillary first floor offices, designated parking spaces, generous service yards and loading door access. One sub-divided terraced unit houses a further six smaller business units.
The wider Triumph Business Park site is a major storage, distribution and commercial hub, with 24-hour access and a security lodge and entrance barrier. It’s strategically located less than one mile from Liverpool John Lennon Airport, with Liverpool South Parkway transport interchange 1 mile to the north for destinations across Merseyside with links to Birmingham and London Euston.
Network Space Development Director, Joe Burnett said: “We are delighted that planning has been approved for a scheme that brings significant logistical and economic benefits to the Liverpool City Region. The extension to Triumph Business Park will complement existing businesses and amenities on the Park, as well as neighbouring retail outlets. This is the next chapter in this regeneration success story for the former Triumph factory site.
He added: “The units will offer Grade A warehouse and office accommodation that will attract quality tenants to the Park, along with long-term job, training and investment opportunities.”
Dean Harrison, Investment Director at InfraRed Capital Partners, commented: “Located only seven miles from Liverpool city centre, the Park benefits from good transport links, increased urbanisation and strong tenant demand from last mile logistics operators.
The greater turn to e-commerce during the recent months has increased demand for modern, high-quality urban logistics assets, which this project delivers.
The scheme will meet BREEAM Very Good standards and with sustainability in mind, will incorporate electric vehicle charging points for each unit and LED lighting throughout. It will also be zero carbon ready, allowing for easy future provision of renewable energy technologies.
To date, InfraRed has acquired, developed and managed over c.18m sq ft of industrial assets. We will look to expand our urban logistic holdings in the UK and Western Europe throughout 2020 and beyond with substantial capital available for deployment”.
Triumph Business Park was acquired by InfraRed, for £30m from an undisclosed vendor.
Architects for the scheme are AEW Architects. CBRE and B8 are appointed as agents with NSM providing asset management services across the Park.