New Multi-let Agency Instructions for B8RE

B8 Real Estate are pleased to announce 3 new multi-let instructions across the North West, further enhancing their current presence within the region. The 3 new instructions are as follows:

  • Park Court, St Helens
  • Apex Court, Bromborough
  • Globe Park, Rochdale

Both St Helens and Bromborough instructions are on the back of Threadneedle’s acquisition of these assets at the end of 2017 and add to B8RE’s existing strong market presence in the St Helens/Haydock and Wirral subregions of the North West.

Globe Park in Rochdale has been recently acquired by Stenprop and is another North Manchester multi-let instruction for B8RE in addition to the nearby Heywood Distribution Park.

Jon Thorne of the agency team commented:

“We are really excited to start on the marketing of these estates and expect to generate good interest as there is still strong demand within the multi-let sector and a shortage of good quality units which is leading to rental growth”.

B8RE are the main industrial property specialists in the North West covering multi-lets, big sheds, development sites and investment across the region.

Two Deals Signed as Spec Phase Pays Off at Logistics North

 Harworth Group has secured two 10-year lettings with its speculatively developed R-evolution scheme within Logistics North, Bolton, setting a new headline rent of £7/sq ft for the site.

The deals will see Harworth’s recurring income base growing by over £300,000 per year within its retained business space portfolio. Northern Building Plastics and cleaning machines supplier Vaclensa will take the C4 and C5 units, which together account for a combined 52,900 sq ft and the whole of the R-evolution scheme. The units were completed in December.

B8 Real Estate and JLL acted as joint agents for Harworth on both transactions. R-evolution was offered to the market as two units of 24,750 sq ft and 27,500 sq ft, or as the whole building.

Ian Ball, executive director of income generation at Harworth, said: “These are two excellent deals for Harworth Group, with a new headline rent reflecting Logistics North’s status as one of the North’s leading manufacturing & distribution locations.  We are now keen to maintain this momentum as the remainder of the site is developed out over the next three years.”

The firm’s director of business space David Travis added: “Growing a long-term recurring income stream remains a priority for the business and securing Vaclensa and Northern Building Plastics as tenants reflects the strength of the North West property market and justifies our decision to build these units speculatively.  We look forward to welcoming other high-profile tenants onto site in 2018.”

Northern Building Plastics and Vaclensa join a number of established occupiers at Logistics North, including Aldi, Amazon, Lidl, MBDA, Komatsu, Costa and Greene King. More than 2m sq ft of commercial space has been built out at the development since it received outline planning consent in December 2013, with over 1,500 people employed on site.

Harworth also completed the first phase of Multiply in November 2017 – a development being delivered in a joint venture with the Lancashire County Pension Fund. The first phase comprises three units of 63,100 sq ft, 55,700 sq ft and 44,800 sq ft.

There will be three phases in total here, with ten buildings offering 564,000 sq. ft, across 31.2 acres, over the next eighteen months. Buckingham Group is currently on site with phase two. Again, B8RE and JLL are joint agents.



Market Update – January 2018

We are pleased to announce our bi-annual market report focussing on the North West Industrial and Logistics Market.

NW 2017 highlights include:

  • Total value of NW industrial investment transactions during 2017 stood at £818m.  This is a post-recession record.
  • UK institutional buyers have been particularly active, however we are also seeing continued interest from other buyers seeking an income return.
  • 2017 witnessed very limited speculative development when compared to recent years.
  • Occupier take-up for units >90,000 sq ft in 2017 totalled 3.31m sq ft. Less than 2016.
  • Total available ‘Big Box’ supply at y/e 2017 was approximately 6.14m sq ft, down on the 2016 level.
  • 2017 saw continued demand within the mid-range / SME market has resulted in low void rates and increased rental levels.

To request a copy of the Market Report please call 01925 320520


B8RE/GENT VISICK Jointly Advise on the £41.9M Acquisition of the Network North Portolio

Columbia Threadneedle has acquired the Network North Portfolio from Investment and development company Network Space, for £41.9m.  The portfolio comprises a Grade A multi-let industrial portfolio in the north of England.  The 630,000 sq ft portfolio consists of 17 locations in Yorkshire and Lancashire with 60 tenants.  The rent roll is £2.85m, reflecting a net initial yield of 6.37 per cent.

The portfolio is 92 per cent let and of Grade A quality.  Most of the assets were constructed by the vendor since 2000 and managed in house by its specialist teams.

Columbia Threadneedle were represented in the acquisition by Simon Wood of B8 Real Estate S and Garry Howes, whilst The Leeds office of Knight Frank were represented Network Space.

Graham Foxton, of Knight Frank, who handled the disposal commented: “The deal is a significant one for the region and shows the strength of the industrial sector in this part of the country.  The portfolio is a rare commodity given that it comprises 100 per cent quality industrial buildings of excellent quality. Multi-let industrial is an attractive sector in the country and this proves that the North can – and does – compete with the South”

Richard Ainscough, Managing Director at Network Space added: “We took the decision to sell these assets so that we can accelerate the speculative development of our new industrial property. We will also continue to invest in our Asset Management platform so that we can continue to get the best out of our retained investments and those of our investor partners. We have an excellent team at Network Space, specialists with a true wealth of experience in the development, investment and management of industrial property.”

Columbia Threadneedle declined to comment.

Stephen Woodall of FDR Law acted for Network Space and Addleshaw Goddard acted for Columbia Threadneedle.


B8RE Advise on Sale of B&Q Warehouse for £22.6m

Manchester-based propco Stoke Properties has completed on the sale of a warehouse in Stoke-on-Trent to M&G Real Estate for £22.6m.

The 132,000 sq ft retail warehouse, which forms part of Meir Park Whittles Road, Meir is wholly let to B&Q.

Simon Wood of B8 Real Estate acted as the vendors agent alongside Emma Nimmo and Adam Hymes of law firm Kuits on the legals.

Emma Nimmo said: “This transaction is noteworthy as it acts as a golden example of how developers, property advisors and lenders can work together to achieve a positive outcome for all parties.

“By 2011, the warehouse, which employs over 300 people, was underwater in that the loans secured against it significantly exceeded its value. Working with the lender, Newcastle Building Society, and with the assistance of B8 Real Estate and Kuits, Stoke Properties has been able to increase the value of the property by obtaining open retail planning consent, and thereby recover the property and achieve a significant profit six years later.”

Hogan Lovells and Assay Property acted for M & G Real Estate.