A stalled Chester warehouse is to be relaunched as a 100,000 sq ft logistics base.
InfraRed Capital Partners have decided to complete building work on a 100,000 sq ft Chester warehouse, six years after progress stalled.
The Matrix 100 unit at Sealand Road was almost completed by Stretton Estates, but recession halted progress. The site – renamed Deva 100 – was acquired from Stretton by InfraRed as part of a £42m portfolio of Northern warehouse and industrial sites.
Jonathan Nuttall, director at asset manager Peloton Properties, said: “Construction work began yesterday to complete the offices and the floor, and Deva 100 should be ready for February 2016.”
“We think it will appeal to occupiers from the M6 corridor, but also from the A55 corridor into North Wales, particularly Deeside.”
Quoting rents are £4.75 a sq ft.
Peloton Properties advised on InfraRed Capital Partners acquisition of a portfolio of nine multi-let industrial estates from Stretton Property Group for £42m.
The 1m sq ft portfolio is said to include over 20 tenancies.
Stretton were represented by CBRE and law firm Freeths.