Multi-let industrial property company Industrials REIT welcomed to Stockport Exchange

11/11/22

Stockport Council and nationwide developer, Muse has signed a deal with Industrials REIT (MLI.L) to take 4,327 sq ft at award-winning business district, Stockport Exchange, for its northern headquarters. The building is now c90% occupied.

Located at 2 Stockport Exchange, the latest phase in the Stockport Exchange transformation to complete, the new HQ will house the company’s 26 strong team based in and around Stockport as well as act as a regional hub for the broader business. Industrials REIT is an established real estate investment trust (REIT) and one of the UK’s leading investors and operators of multi-let industrial properties, with a portfolio of 103 estates serving the country’s main urban centres.

The striking 61,500 sq ft six-storey building sits next to the highly successful 1 Stockport Exchange and is home to BASF and O’Neill Patient. Strong interest remains on the ground floor, with only 6,248 sq ft remaining.

Contractor, Galliford Try, is already on site with the latest phase of regeneration for Muse and the council, which is due to complete in Summer 2023 and will bring forward a further 64,500 sq ft Grade A office building featuring a stunning communal roof terrace.

Alongside the new office space will be a 399-space multi-storey tenant car park, which will have 24 EV charging points, solar panels, which will increase the sustainability and energy requirements of the car park, resulting in savings of CO₂ every year. A key feature of the car park will be the installation of a living wall that will enhance the biodiversity of the area, to reduce the urban heat island effect and slow the flow of extreme rainfall.

The £145m Stockport Exchange development, being delivered by Stockport Council, and Muse, forms part of Stockport’s Town Centre West £500m regeneration masterplan, being delivered by Stockport Mayoral Development Corporation (MDC), alongside it’s public and private partners. The 130-acre site will bring over 4,000 new homes, alongside major transport and infrastructure improvements, Grade A office space and new leisure spaces and amenities to the town centre.

Once complete, the wider Stockport Exchange development will have delivered up to 375,000 sq ft of office space, creating a new business hub for the North West.

Cllr Colin MacAlister, Cabinet Member for Economy and Regeneration at Stockport Council, said: “Stockport Exchange continues to be a huge success and is attracting high quality businesses from a variety of sectors who all see the value of locating their business in Stockport.

“Our vision for the town centre is really taking shape – Stockport Interchange is well on the way to completion, the redevelopment of Weir Mill is getting underway to provide much needed, good quality homes and Merseyway is currently undergoing a number of improvements. I look forward to welcoming Industrials REIT to Stockport Exchange in the near future.”

Tom Webber, senior development surveyor at Muse, said: “We’ve got real momentum here in Stockport and to exchange a deal for Industrials REIT to join this growing community here is a proud moment for all involved. It’s also a resounding endorsement of our collective vision with the council.

“Through our long-standing and strong partnership with the council, we’ve continued to drive inward investment into the town centre that’s creating a real positive legacy to benefit the community for the long-term. Stockport Exchange is a stunning destination with unrivalled connectivity and we’re proud to be playing a part in the town’s future success through the Mayoral Development Corporation.”

Paul Arenson, CEO at Industrials REIT said “Our dedicated regional office in Stockport is of vital importance to our ability to deliver a quality service to our customers and source regional investment opportunities.  Stockport Exchange’s BREEAM Excellent sustainability credentials and its excellent connectivity, both by road and its adjacency to Stockport train station, were both important considerations in making our choice.  We are looking forward to fitting out the space, mirroring the recent upgrade to our main HQ in London, providing our own creative and agile working environment which is enhanced by the building’s central amenities.”

Lord Kerslake, Chairman of Stockport MDC said: “Not only has Stockport Exchange created a new attractive gateway into the town centre from Stockport station, it continues to reinforce its appeal as one of the most exciting business districts in the North West, bringing investment and new jobs. Already one of the country’s best-connected business locations, the Town Centre West masterplan will see further enhances to connectivity across the region, from green travel routes to a new Interchange development, ensuring Stockport will remain an unrivalled business hub for Greater Manchester for generations to come.”

The wider Stockport Exchange development will deliver up to 375,000 sq ft of office space and 28,000 sq ft of commercial retail and leisure floor space.

Cushman & Wakefield and CBRE are appointed as joint agents for the scheme.