A site with planning permission for a new base for car giant Peugeot has been acquired in a deal worth more than £100m.
The 14.1-hectare site at West Road, Hooton Park Airfield, Ellesmere Port, has been acquired from commercial property developer Stoford by the manager of Frasers Logistics & Commercial Trust for £101m.
Permission was granted in May for the 668,000 sq ft UK parts distribution centre that has already been pre-let to Peugeot.
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It is expected that the new building will be completed in the second half of 2023.
Dan Gallagher, joint managing director at Stoford, said: "We are extremely pleased to be partnering with FLCT on the development of this first class facility at Ellesmere Port.
"This is a significant investment that recognises both the quality of the scheme and its strategic importance within an excellent distribution location.
"We have worked closely with Stellantis to design a modern distribution building with industry leading sustainability credentials. It will create many new jobs and ensure the longevity of Hooton Park as a significant employment site."
Robert Wallace, chief executive of the REIT Manager, added: "The forward funding acquisition opportunity presents an excellent opportunity to add a state-of-the-art logistics facility to FLCT’s growing UK logistics and industrial portfolio.
"With a committed 15-year lease term to Peugeot, a subsidiary of the global automaker Stellantis Group, the property will serve as its national distribution centre upon completion."
M1 Agency acted for Stellantis Group and Stoford on the leasing and investment sale and Colliers acted for FLCT.
