Icon Industrial, a strategic joint venture formed by Stoford Developments and TPG Real Estate, has staged a London launch of its £100 million warehouse and logistics development at Manchester Airport.
Icon Manchester Airport is a build to suit logistics/warehouse development with outline planning consent for circa 1 million sq ft, capable of delivering units from 100,000 sq ft to 700,000 sq ft on the 45-acre fully serviced site.
The development – the first investment made by the new joint venture - was officially launched at an event at HIX Soho, attended by key London industrial agents.
Dan Gallagher, joint managing director of Stoford Developments, said: “This project marks the exciting first development for the joint venture and presents potential occupiers with an excellent opportunity to have a unit built to their specific requirements in a key strategic location at the very heart of the Northern Powerhouse.”
He added: “The connectivity this site offers future occupiers makes it a hugely significant site as an important logistics hub for South Manchester and the North West.”
The site provides excellent connectivity with Junction 6 of the M56 motorway immediately accessible, as well as Manchester Airport and the Greater Manchester region. Air and rail connections at the World Freight Terminal are also nearby. The area is established as a prime North West logistics site, which has major occupiers including Amazon, Fedex, UPS and DHL.
The site has a gross development value of around £100 million and sits within the Manchester Enterprise Zone which enables occupiers to benefit from a business rates discount up to £275,000 over five years, super fast broadband, fast track delivery via a streamlined planning process, and enhanced capital allowances.
TPG Real Estate and Stoford Developments intend to build Icon Industrial into a logistics platform by acquiring and developing similarly attractive UK sites, as well as refurbishing existing buildings in prime logistics locations. TPG Real Estate has significant experience investing in logistics while Stoford has completed more than 12 million sq ft of industrial development in the UK.