InfraRed has acquired two North West development sites from Network Space as part of a £93 million deal.
The investment management firm will develop out the Liverpool and Salford plots alongside the commercial real estate company.
Network Space has disposed of the two sites, Raven Locks in Salford and Carruthers Street in Liverpool, alongside a 1 million sq ft portfolio of 25 industrial properties.
The portfolio is located throughout the North of England and Network Space will continue to manage it for InfraRed as manager of both the income producing assets and development sites.
In August, Network Space submitted plans for a new 23,069 sq ft employment unit on land between Carruthers Street and Pumpfields Road in Liverpool’s Vauxhall area.
Proposals submitted to Liverpool City Council outlined B1 (business), B2 (general industrial) and B8 (storage and distribution) uses for the unit. Plans also included ancillary office space and a 51-space car park.
James Cooper, a real estate director at InfraRed, says: “We are delighted to have completed this transaction and look forward to working with Network Space.
“This portfolio fits our value-add strategy and our conviction in the growth prospects for the North West.
“The urban cluster of Manchester and Liverpool represents the second largest conurbation in the UK after the London and the South East and a highly dynamic economic zone.”
Dowley Turner Real Estate, Taylor Wessing and Malcom Hollis acted for InfraRed. Network Space was represented by Knight Frank and FDR.