Prime Group completes £20m Knowsley industrial development ahead of time and hands it over to a US-backed investor. Tony McDonough reports

Developer Prime Group has completed a 130,000 sq ft industrial development in Knowsley ahead of time.

Prime started work on the speculative £20m Acornfield Industrial Park in February 2022 for owner Acornfield Properties. In April 2022 it was revealed 4th Industrial (4i), a US-backed investor, had agreed to purchase the scheme for an undisclosed sum.

Sat within Knowsley Industrial Estate, Acornfield comprises three industrial units. The largest is 53,269 sq ft, followed by another of 47,453 sq ft and the smallest, which is 31,482 sq ft.

Baber Majid, managing director of Prime, 4i’s purchase of Acornfield demonstrates the continued strength of the North West industrial market.

He said: “The willingness to forward purchase speculative developments such as this demonstrates confidence in the future of Knowsley as an investment and employment location.”

In January LBN reported that demand for grade A industrial and distribution space is outstripping supply across the North West with just six months supply left.

According to the latest Big Shed Briefing by property firm Savills, demand is set to outstrip supply with low levels of good quality space. It reports a three year average annual take-up of 6.61m sq ft in 2022. This equates to just 0.51 years’ worth of supply.

B8 Real Estate advised 4i on the purchase whilst Kuits Solicitors advised The Prime Group on the sale. B8 and CBRE are joint lettings agents for Acornfield Industrial Park. 

This latest deal follows 4i’s recent acquisition of Walker Industrial Estate in Blackburn. The company, which was founded in early 2021, invests in multi-let and light industrial property across identified target markets in the UK.