Developer Mirastar says 152,285 sq ft industrial development in south Liverpool has reached ‘practical completion’ with LCR Freeport fuelling demand. Tony McDonough reports
Two warehouses in south Liverpool totalling 152,285 sq ft have reached practical completion with agents reporting “high levels of interest” from occupiers.
Mirastar, jointly represented by Savills and B8 Real Estate, has built Air 66 and Air 84, a new industrial warehousing scheme in Speke.
Earlier this year the Liverpool City Region Freeport went live with an initial £25m cash injection from the Government. Located across multiple sites, the Freeport is already driving demand for industrial and logistics space in the city region.
Both new warehouses offer two-storey office and amenity space as well as electric vehicle charging, 24-hour access and secure private yards.
This development is close to Liverpool John Lennon Airport and the Port of Garston (Garston Docks). The location is recognised for attracting high profile automotive and bio-pharma companies including Jaguar Land Rover, Johnson Controls and Sequiris.
Jonathan Atherton, director in Savills Manchester industrial team, said: “We’re continuing to see high demand and low supply in the industrial and logistics sector within the North West.
“We’re pleased to have reached practical completion on this high-specification warehouse scheme and expect to continue to see high levels of interest coming through.”
Announced as a flagship policy by then Chancellor and now Prime Minister, Rishi Sunak, in March 2021, Freeports are designated zones where normal tax and customs rules do not apply.
These can be airports or other hubs as well as maritime ports. At a Freeport, imports can enter with simplified customs documentation and without paying tariffs.
READ MORE: Planners approve 50,000 sq ft industrial refurbishment
Liverpool had a Freeport until 2012 but this new incarnation will be much more ambitious. Rather than just focused on the port itself it will encompass multiple locations across the city region and beyond.
LCR Freeport’s primary customs sites are the Port of Liverpool in Seaforth and at Liverpool John Lennon Airport. It stretches to Port Salford at the other end of the Manchester ship canal.
There will also be three tax zones – Wirral Waters, the £100m Parkside scheme in St Helens and the 3MG multi-modal terminal at Widnes. It will also encompass other industrial and logistics sites.