Total Developments has completed the sale of Apollo Park in Crewe to Aberdeen Standard Investments for £19.8m, announcing at the same time a 43,000 sq ft deal at the site with logistics firm Core Fulfilment.
The investment sale reflects a net initial yield of 5.34%. Apollo Park comprises 169,000 sq ft across five units, four of which are now let, newcomer Core joining Show Business Interiors, Freudenberg Filtration Technologies and Brightgrey Retail. Core has agreed a tem-year lease at £6.50 per sq ft.
Located four miles from junction 16 of the M6 on University Way directly north of Orion Park, Apollo Park’s final unit is under offer at a headline rent of £6.95 per sq ft, Total said.
Legat Owen and M1 Agency acted on behalf of Total Developments, while Aberdeen was advised by CBRE.
Ed Chantler, director at Total, said:
We have built up a strong track record having speculatively developed and let 320,000 sq ft floorspace in Crewe alone. In addition, we currently have approximately 800,000 sq ft of industrial space coming forward in the small to mid-unit sized range across several sites including Leeds, Reading and Middlewich. We are actively looking at reinvesting our capital in new development sites.
Matt Pochin, director at Legat Owen, added:
Total Developments took the calculated risk to develop Apollo Park speculatively, a risk that has been rewarded in letting all of the scheme at headline rents for Crewe and all prior to practical completion.