Network Space has completed the purchase of Newfield Industrial Estate in Tunstall, Stoke on Trent, a multi-let industrial investment totalling 125,000 sq ft across nine acres.
The estate is occupied by 20 businesses. Tenants include global corporate, Air Liquide, together with a number of successful local businesses.
With an extensive frontage to the A50 and close to the A500, it lies adjacent to Network Space’s award-winning industrial development Tunstall Arrow South, which was sold to TPG/4th Industrial earlier this year.
Newfield Industrial estate has been acquired as a value-add investment with an asset management strategy already in place, which will be delivered by the group’s management company NSM.
This acquisition comes hot on the heels of acquisitions by Network Space of the 12 acre Cartwright Group site at Broadheath, Altrincham and the 28-acre former Sovereign Distillery in Huyton, Liverpool, both of which are to be refurbished and redeveloped.
Richard Ainscough, Group CEO of Network Space, said: “it is fair to say we have been a bit busy - with Newfield completing the hat-trick, we have acquired nearly 800,000 sq ft of urban logistics and industrial space in the cities of Manchester, Liverpool and Stoke.
“The demand in the industrial sector is well-documented. We are delighted to have secured these new opportunities which will provide a variety of routes to value through asset-management, refurbishment and redevelopment, all of which we have the expertise for internally”.