Network Space has sold a £20m portfolio, which comprises business parks near Liverpool and St Helens, in an off-market deal.
Compass Industrial Park in Speke and Lea Green Business Park south of St Helens have been sold to Industrials.co.uk, a joint venture between C2 Capital and Morgan Stanley Real Estate Investing.
Compass Industrial Park is made up of the properties formerly known as Speke Hall Industrial Estate and Sky Park International, located on the approach to Liverpool Airport. Network Space bought the sites in 2012 and has since undertaken a major £2m building and facilities refurbishment programme.
Lea Green Business Park, located on the St Helens Linkway just off junction 7 of the M62, is a former factory bought by Network Space in 1996 that was then extended, refurbished and subdivided to create a multi-let estate.
Richard Ainscough, group managing director of Network Space, said:
“We are very proud of the job we have done at Compass, we have returned a failing industrial estate to its full potential.
“Businesses and employment have returned to the extent that it has attracted inward international investment into Liverpool. The proceeds from this sale are already earmarked for new investment and development of employment workspace in the Liverpool City Region.”
Julian Carey, managing director of C2 Capital, said:
“We are delighted to have acquired these estates from Network Space, and look forward to working alongside existing and new occupiers to provide them with high-quality, functional business space.
“Over the coming months we plan to integrate Compass and Lea Green Business Parks into our wider national portfolio, which already includes two other estates in the North West in Bromborough and Liverpool city centre. We hope to continue to grow our presence in the region as we expand our wider portfolio.”
Network Space invests, develops and manages commercial property across the North and the Midlands. It has invested more than £31m in the last four years and is currently advancing 500,000 sq ft of new industrial development through the planning process.
Industrials.co.uk, which is managed and operated by C2 Capital, specialises in owning and managing multi-let industrial estates in the UK. Industrials.co.uk has acquired more than £100m of industrial estates since its inception in January 2015, and is seeking to invest up to £500m in the sector over a three-to-five-year timeframe.
Network Space was represented by Simon Wood of B8 Real Estate, while C2 Capital was represented by Will Ikin of Buchanan Bond.