Outdoor Clothing Retailer Agrees 350,000 sq ft Deal

A well-known outdoor clothing retailer has struck a deal to take more than 350,000 sq ft of space at a distribution centre in Cheshire.

Delin Capital Asset Management is behind the agreement with Go Outdoors, which has been agreed for a site at Midpoint 18 Logistics Park.

The warehouse was acquired by Delin Capital in December 2013. Go Outdoors – which has entered into a five-year lease commencing November 2018 – will use the building to drive further sales growth following the company’s acquisition by JD Sports two years ago.

Jonathan Gardner, Delin Capital’s head of asset management, said: “Securing Go Outdoors, an established yet growing UK retailer, as a tenant is a significant coup for our UK team and we look forward to building a relationship with them.

“The transaction further demonstrates the continuing trend for online retail sales growth to filter through to sustained demand for UK logistics space.”

Giles Selby, head of property at JD Sports, added: “We are really pleased to have completed on this deal so quickly. We particularly appreciated the refreshingly straight forward approach shown by Delin Capital and its advisory team.”

Delin Capital was advised by B8 Real Estate and Knight Frank. Go Outdoors was advised by JD Sports’ in-house real estate team.

B8RE Sell in West Bromwich

 B8 Real Estate, acting on behalf of private clients have disposed of a well let parcel delivery investment in West Bromwich to private clients of Lewis Tucker.

The unit which is located on the busy Middlemore Industrial Estate is let to Geodis for a further 45 years unexpired without breaks.

The investment was purchased at a level of £1.1M reflecting a net initial yield of 6.18%.

Simon Wood of B8 Real Estate who acted on behalf of the vendor commented

‘The purchase shows the continued enthusiasm and appetite for well let industrial properties with asset management angles. We are seeing continued demand from a cross section of investors for the properties we are selling on the back of a very healthy occupational market and opportunities for capital growth in this sector.’

Simon Wood of B8 Real Estate acted for the vendor and Gideon Davies of Lewis Tucker acted for the purchaser

Leading Bakery Supplier Relocates to Trafford Park

CBRE Global Investors have let 23,222 sq ft at Europa Way, Trafford Park to food manufacturer Kluman & Balter Limited on a new 10 year lease at the headline rent of £6.50 per sq ft.

The unit had undergone a comprehensive refurbishment programme and will be used for the manufacture and production of baking ingredients.

Kluman & Balter were recently acquired by the global chemical distributor, Brenntag as part of their growth into the UK food distribution market.

Commenting on the deal, Paul Thorne of B8RE said “The comprehensive refurbishment and improvement of the asset enabled us to secure a high-profile occupier looking for a food grade quality unit. The minimal void period and the 30% uplift against the previous rent further demonstrates the benefit of undertaking a high standard refurbishment. “

Europa Way comprises three detached industrial warehouse buildings owned by CBRE Global Investors and following this latest letting the estate is now fully let.

B8 Real Estate acted as sole letting agents whilst Gerald Eve represented Kluman & Balter