Working with our funding partner Barwood Capital, this week we completed the sale of Aquila, our 120,000 sq ft warehouse / manufacturing facility in Knowsley, Merseyside, to LondonMetric Property plc. (“LondonMetric”).
The deal comes after Grupo Antolin announced it is to let the property in what marks the largest letting in Merseyside this year.
Aquila is one of three logistics warehouses which LondonMetric has acquired for a total of £24million, with the other two properties located in Crawley and Coventry.
The tier one supplier for Jaguar Land Rover (JLR) will relocate its operations from Speke, to take the facility on a 15-year lease at £6.20 per sq ft. The company will invest a further £3million in the development, including the fit out, to ensure it meets the company’s stringent criteria required to carry out its operations.
Situated on a 9.4-acre site, Aquila comprises 100,926 sq ft of industrial accommodation and 18,889 sq ft of office and amenity space. The joint venture completed a £2.5million refurbishment of Aquila in April this year to achieve a BREEAM Very Good rating. Grupo Antolin will join existing occupiers Halewood International; Olympic Oils; Parcel Force and Beesley & Fildes.
Speaking about the deal, our development director Simon Dixon, commented: “We identified the opportunity at the beginning of 2015. Thanks to the unwavering support of Knowsley Council together with the £2.3million funding we received from the Chrysalis Fund, we have secured an exceptional tenant in Grupo Antolin and created an attractive investment opportunity for FTSE 250 REIT, LondonMetric.”
Andrew Lynn, head of industrial at JLL, joint agents for the scheme with CBRE, said: “Aquila is a shining example of what can be achieved with the right investment, a thorough understanding knowledge of the market and an innate ability to see the potential in a scheme.”
“There is strong, consistent demand in this area for businesses wanting to be in close proximity to Jaguar Land Rover. DB Symmetry and Barwood quickly realised the need to invest in the property in order to attract a high calibre occupier and maximise the value of this asset.”
The project team includes architect 5Plus, engineer, Shepherd Gilmour and main contractor ISS.
LondonMetric was advised by JLL. DB Symmetry and Barwood Capital were represented by CBRE.
Aquila was sold for an undisclosed sum.