A huge industrial estate in Stoke-on-Trent is under new ownership following a £6.7 million acquisition.
Hanley-based Sandyford Properties has sold Newfield Industrial Estate, in Tunstall, to Network Space as part of a hat-trick of recent acquisitions by the commercial property developer.
The 125,000 sq ft estate – which has been in Sanyford’s property portfolio for 21 years – is occupied by 20 businesses, including Air Liquide, Grenville Engineering, Little Athletes and live music venue Eleven.
READ MORE: {}
James Lewis, of Sandyford Properties, said: "The sale of Newfield Industrial Estate has allowed us to redeploy those funds into other acquisitions and to invest in the growth of our existing sites.
"We have had a series of new long-term leases agreed in recent years and the site has grown and improved significantly. Some areas have been refurbished and there is ongoing works to the site, so it’s a great opportunity for the new owners to support further growth to its tenants."
The acquisition comes just weeks after Network Space sold off its 126,000 sq ft Tunstall Arrow South development, in Stoke-on-Trent, to 4th Industrial, a new venture backed by TPG Real Estate Partners.
Want more business news straight to your inbox?
BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
Richard Ainscough, group CEO of Network Space, said: "It is fair to say we have been a bit busy – with Newfield Industrial Estate completing the hat-trick, we have acquired nearly 800,000 sq ft of urban logistics and industrial space in the cities of Manchester, Liverpool and Stoke-on-Trent.
Most Read
"The demand in the industrial sector is well-documented. We are delighted to have secured these new opportunities which will provide a variety of routes to value through asset-management, refurbishment and redevelopment, all of which we have the expertise for internally."
Martin Mellor, investment director at Network Space, added: "We are delighted with this investment acquisition. Newfield has been acquired as a value-add opportunity with an asset management strategy already in place, which will be delivered by NSM, the group's management company."
Sandyford Properties was advised by B8 Real Estate and Aaron & Partners LLP over the deal, whilst Network Space was advised by DTRE and FDR Law.