4i to purchase new speculative development in Knowsley

A US-backed property investor has agreed a deal to purchase Acornfield Industrial Park, a new-build speculative industrial development within Knowsley Industrial Estate.

4th Industrial (4i) will purchase the three units totalling over 131,000 sq ft on a site fronting Acornfield Road, the main spine road through the estate, when they are completed later this year. B8 Real Estate advised 4i on the deal.

Prime Property Consultancy acted on behalf of the vendor, North West-based developer Acornfield Properties Limited, which originally bought the site from Knowsley Council and has achieved planning permission for a high-quality development of three detached units of 52,947 sq ft, 47,155 sq ft and 31,182 sq ft. B8 Real Estate and CBRE have been appointed as joint lettings agents.

The deal follows 4i’s recent acquisition of Walker Industrial Estate in Blackburn. The company, which was founded in early 2021 invests in multi-let and light industrial property across identified target markets in the UK.

Knowsley is the second largest industrial estate in the North West after Trafford Park and one of the largest in Europe. Recent Knowsley deals on which B8 Real Estate advised include the sale of the Alchemy development to CBRE Investment Management for circa £15.5m and the sale of an Amazon distribution unit to RTP Global for circa £29.6m.

Baber Majid, Managing Director of Prime Property Consultancy, said: “Knowsley is a key industrial location and home to some major UK and international businesses. The willingness to forward purchase speculative developments such as this demonstrates confidence in the future of Knowsley as an investment and employment location.”

Jon Thorne of B8, who is the joint lettings agent for the development, commented:

“This scheme will provide much needed industrial stock into the mid-box sector following the record levels of take-up in the region across all size ranges over the past few years. It will also further establish Knowsley as one of the most important industrial locations in the region. We look forward to securing good occupiers for the units at strong rental levels.”