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Feb 14, 2018
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.”
By Richard Williams Wed 14 February 2018