Network Space Developments completes sale of prime South Manchester industrial scheme

Acting on behalf of Network Space Developments (NSD), we have successfully concluded the sale of Broadheath Networkcentre, in Altrincham, South Manchester.

Acquired by real estate specialists M7 for over the asking price of £43million, the deal was completed in just six weeks after bids were received.

Stephen Barnes, NSD Managing Director said: “We are delighted to have sold Broadheath Networkcentre to M7. Completed in March 2024, the scheme is already 66% let including two further lettings completed in recent weeks, achieving a new headline rent – a testament to the quality of the scheme, its location, design and sustainability credentials.

“The scheme’s delivery is the result of a well-established and successful partnership between ourselves, Trafford MBC who have provided debt finance, and the principal contractor Bansco.

He added: “The sale process with M7 has worked incredibly smoothly – a result of our preparedness and the hard work and dedication of both our corporate teams, led by Dan Adamson, together with M7’s teams. We wish to thank all those involved for ensuring a swift and successful conclusion.”

Broadheath Networkcentre is a purpose-built multi-let industrial estate comprising 206,121 sq. ft. of high-quality accommodation. The estate, located on an 11.41-acre site in Altrincham, has primary frontage on Atlantic Street and enjoys an enviable location within South Manchester, with easy access to the A56 and M56 motorway and Manchester Airport only 15 minutes’ drive away.

NSD acquired the site in 2021 and brought forward plans for the new industrial scheme comprising 25 high-specification industrial units, ranging from 2,080 sq. ft. to 41,738 sq. ft. The scheme is already home to Maersk, National Trust, Options Greathire, Xpand Logistics, Socotec and Torque Golf.

All units are built to a BREEAM Very Good standard and rated EPC A. To further enhance the scheme’s sustainability credentials and significantly reduce the embodied carbon, recycled steel and concrete were utilised in its construction. The site also includes dedicated car parking with electric vehicle charging points, alongside on-site bike storage.

Simon Wood, Investment Director at B8RE, which advised Network Space commented: “We have been involved in this scheme, working with Network Space Developments from the outset. The success is a reward for NSD’s deep understanding of the Greater Manchester industrial market and their willingness to speculatively commit to large scale developments such as this.

“As well as selling the investment B8RE, along with Savills, has been involved in the successful letting of this scheme, essentially pre-letting all the larger units prior to PC. Since being under offer to M7 we have also completed a further 2 letting deals and have strong interest in the remaining vacant units. It has been a pleasure working with M7, Oxford Properties, Savills and all the acquisition team and congratulation to them on a fantastic purchase.”

 Miles Chuter, Director – Transactions at M7 Real Estate, added: “The Broadheath Network Centre typifies the type of asset we want to add to our portfolio, being a prime last-mile asset in a high growth urban logistics location within a strong and affluent regional city. We now look forward to leveraging the M7 team’s asset management expertise, building on the leasing momentum already achieved by Network Space Developments, to let up the remaining vacant space.

“We are actively pursuing high-quality urban logistics assets in key European markets, aiming to capitalise on robust occupier demand and enhance our portfolio’s long-term growth potential through strategic acquisitions in prime locations.”

Network Space was represented by Gateley and Grant Thornton.

M7 Real Estate was represented by Savills, Jones Day, Deloitte, TFT Consultants and Nova Ambiente.