UK Warehouse Properties (UKWP), a joint venture between American fund manager Ares and Midlands-based property development company Revelan, has announced the acquisition of the 125,000 sqft first phase of Redsun’s AVIATOR industrial scheme in Ellesmere Port.
The industrial unit will be occupied by Survitec Group Ltd on a 20-year lease. Survitec is a global leader in survival and safety solutions to the marine, defence, aviation and offshore markets. Currently based in Birkenhead the company will relocate its Aerospace and Defence division to AVIATOR125.
The Fletcher Rae designed building was built by Caddick Construction and completed earlier this year. The remainder of the design team included Quartz Project Services, Muir Associates and Crookes Walker Consulting. The development was funded with a loan from the North West Evergreen Fund and investment support from the Cheshire and Warrington Local Enterprise Partnership (C&WLEP).
Redsun acquired the 22-acre site, formally known as Hooton Park, from Homes England in 2017. This first phase occupies seven acres of the site and there remains a further 15 acres of development land for future phases. The AVIATOR site forms parts of the Cheshire Science Corridor enterprise zone, meaning occupiers benefit from Enhanced Capital Allowances against their fit-out costs.
Speaking about the disposal, Nick Wightman, Director, Redsun: “These occupier and investor deals represent a great result during a challenging period in the market. AVIATOR125 also pushes Redsun over the million square foot mark for completed developments in the last 10 years, which is a significant milestone for us.
“AVIATOR has been a collaborative effort to date and the Local Enterprise Partnership ought to be commended for their support in helping us establish AVIATOR as a flagship industrial and logistics location for Ellesmere Port. The location and quality of the building attracted a number of occupier enquiries and we hope to accommodate these companies on future phases at AVIATOR, which we will be progressing early next year.”
Stephen Wade, director at Legat Owen, joint agents for the scheme with Knight Frank and M1 Agency, continued: “The early letting of Aviator 125 just after practical completion is clear evidence of the strength of the industrial market in Ellesmere Port. Redsun have led from the front again and we look forward to bringing forward the next phase of Aviator very shortly.”
Redsun was advised by Knight Frank, Legat Owen, M1 Agency and Addleshaw Goddard. UKWP were represented by Franck-Steier Price and DLA Piper. Survitec were advised by DWF.
The sale value is undisclosed.
