Industrial asset manager Chancerygate has sold more than half of the available units at its £33m Novus business park in Knutsford, after selling a further four units to two companies.
Industrial valve manufacturer Oliver Valves acquired three units totalling 17,300 sq ft at the under-construction business park, increasing the company’s presence at the Parkgate Industrial Estate, which lies to the east of the Novus development.
Oliver Valves’ chairman, Michael Oliver, said: “We have been present on Parkgate Industrial Estate for more than 40 years and Novus provided the perfect opportunity for us to buy a Grade A industrial facility and ensure our long-term growth plans were catered for.”
Meanwhile, cosmetics distributor Wellness Trading acquired a single unit measuring 6,000 sq ft. The values of the deals were not disclosed.
Novus is a 252,000 sq ft industrial and warehouse development across 16-acres of the established Parkgate Industrial Estate, and is currently Chancerygate’s largest scheme in the north of England. Work to develop the first phase of the scheme is underway after Caddick Construction was awarded a £10.7m contract last September, and is expected to complete in September 2020.
This week’s deals mark the first tranche of speculative sales at the development and mean 55% of the nine available units have been acquired. A further four units, ranging from 14,000 sq ft to 25,000 sq ft, remain available.
Chancerygate development manager Chris Brown, said: “Securing occupiers for more than half of our flagship North West development only two months into the build is an excellent achievement.
“The swift take-up of these units is testament to the pent-up demand in Knutsford from owner-occupiers for high-quality industrial and warehouse space, and the limited options available to businesses for many years now. We look forward to continued discussions with potential occupiers ahead of completion in September 2020.”
Phase two of the project will comprise 12 units ranging between 3,500 and 70,000 sq ft in size with work expected to begin in the summer.
Last March, car dealer Sytner secured a long-term lease on a 36,361 sq ft unit on the development.