International packaging firm Alpla has bought a 126,000sqft UK logistics facility from Oxenwood Real Estate and Stoford Developments.
Alpla, which is headquartered in Austria, is buying the former Carlsberg unit in Warrington, known as Stone Cross 136, for an undisclosed sum.
Oxenwood Stoford acquired the facility last November with plans to refurbish and extend the built space and develop a new facility on the surplus yard.
The duo said having now sold the built facility in an unrefurbished state, they intend to begin construction this month on a new 72,500sqft facility, called Stone Cross 72.
GMI Construction has been appointed as contractor and is due to deliver the new building by January 2020.
Stewart Little, co-founder of Oxenwood Real Estate, said: “The sale of Stone Cross 136 at an early point in our business plan supports our strategy of buying vacant or short-let units that provide flexible and cost-effective accommodation in areas of strong occupier demand.
”We will continue to deploy capital into markets where we have conviction in occupational markets and can create strong income returns to our investors.”
Tony Nash, a director at Stoford Developments, said: “Stone Cross is an established and prime logistics location with an enviable line up of well-respected tenants, in a region that has a shortage of available stock.
”We look forward to commencing work on Stone Cross 72 as part of phase two of the scheme and are anticipating considerable demand from potential occupiers.”