Bericote sells Four Ashes site
Bericote has sold a 25-acre site at its Four Ashes Park industrial scheme in Wolverhampton to First Panattoni.
It is thought First Panattoni has paid £650,000 an acre for the site and will immediately start building out a speculatively unit of 450,000 sq ft.
The deal marks a successful conclusion to Bericote’s involvement at the scheme. In 2016 it pre-let a 545,000 sq ft unit to manufacturer Gestamp Tallent before forward selling it to Tritax Big Box REIT for £56.3m.
Jonathan Maher, development director at Bericote said: “The outright sale frees up substantial cash resources for Bericote to recycle into securing and advancing our land pipeline; we will commence the new East Lancashire junction to open up our Haydock site, and push on with the demolition programme at Dartford Power Station.”