Fully Let at Lea Green Business Park, St Helens

Lea Green Business Park in St Helens is fully let following a succession of recent lettings.

The multi-let industrial estate owned by Stenprop comprises 151,536 sq ft and is now at full occupancy with letting agents B8 Real Estate securing several deals on the vacant space, to companies including Salus UK Limited and Mondial Wine.

Lea Green Business Park comprises 21 high-quality industrial units on a prominent low-density site.

The estate was acquired in 2016 as part of a wider portfolio, with 25,581 sq ft vacant across six units, which gave a 17% void rate. The recent lettings have led to rental growth, with rents now established at £5.00-£5.50/sq ft on the refurbished accommodation.

Anthony Mellor of B8 Real Estate said: “These latest lettings demonstrate the strength of the North West multi-let occupational market, with good demand for refurbished and well-located units. St Helens is a thriving industrial area and we have managed to secure a diverse range of occupiers to get the estate fully let. Lea Green’s proximity to the M62 motorway has made it particularly attractive”.

B8 Real Estate acts on a sole agency basis at Lea Green Business Park and acts on behalf of Stenprop across its wider North West portfolio.

NHS Signs up in Warrington

Acting on behalf of Greenstone Sovereign Limited joint agents B8 Real Estate and Azure Property Consultants Ltd have recently completed the letting of a modern industrial unit at Gemini Business Park in Warrington.

Located fronting Europa Boulevard, the facility comprises a 45,000 sq ft modern warehouse with mezzanine and including a two storey adjoining office block and was let to Bridgewater Community Healthcare NHS Foundation Trust on a 15 year lease.

The unit has undergone a full refurbishment, with the Trust consolidating a number of their clinical service operations into this single facility.

Paul Thorne, of B8 Real Estate, said “The unique nature of the unit together with its prominent location within the established Gemini Business Park enabled us to secure such a well-known occupier. The relatively short void period and rental level achieved further reflects the strength of the Warrington property market.”

B8 Real Estate and Azure Property Consultants acted for Greenstone Sovereign Limited. The NHS was unrepresented.

Next Phase of Birchwood Warehouses set to begin

Caddick Construction is due to start work next month on five industrial units totaling 170,000 sq ft at Birchwood Park.

The project, overseen by Birchwood Park manager Patrizia, is the second phase of the Cavendish Warehouse development, and was designed by AEW Architects.

The units are due to be completed at the start of 2020 and will be a mix of two 18,000 sq ft warehouses, a 24,000 sq ft warehouse and larger 50,000 and 58,000 sq ft warehouses.

The first phase of Cavendish Warehouse completed in 2016. Occupiers include global medical diagnostics company, Werfen, and global manufacturer, BiSN.

Martin O’Rourke, commercial director at Birchwood Park, said: “The second phase of our Cavendish Warehouse development is an exciting one, giving us the opportunity to plug the gap for much-sought-after industrial space of this particular size in the Warrington area – something the region is crying out for.

“We’ve taken on board experience from the first phase of our development to ensure we’re able to offer greater flexibility when it comes to adapting this industrial space, to suit the needs of both our current or future occupiers, by obtaining planning consent for additional office space and adapting the design to allow occupiers to easily configure the units to suit their own requirements.”

Warrington Martin is project manager and quantity surveyor, BDP Structural is structural engineers and the planning process was overseen by Turley, with Crookes Walker providing advice on M&E and Vectos providing highways advice. B8 Real Estate and JLL are joint agents acting on behalf of Birchwood Park.

Wythenshawe Selco sold for £3m

Cordatus Property Trust, a joint venture between CBRE Global Investment Partners and Cordatus Real Estate, has acquired a Selco trade centre unit in south Manchester as its latest addition to the fund.

The trust purchased the unit on Timpson Road from IGP Investments for £3m, reflecting a net initial yield of approximately 6.9%.

The property is described as a modern detached unit comprising approximately 36,328 sq ft with a 50-space car park.

Cordatus said that the acquisition of the long leasehold is in line with its development of a ‘best ideas’ portfolio spanning across the UK. The site trades as a trade counter warehouse for building materials trade and business customers and is let to Selco with close to eight years left on the lease. The lease involves five-yearly rent reviews.

Andrew Murray, asset manager at Cordatus, said: “This is a very well located site with a good tenant in one of the most established estates in south Manchester. The purchase adds another well-let asset with an attractive income stream and good growth prospects to our expanding portfolio and we see a real opportunity here.

“We are continuing to apply proven investment knowledge to deliver above-market returns and are on the lookout for more assets.”

Ereira Mendoza and B8 Real Estate acted for Cordatus. Whitmarsh Holt Young represented the vendor.

Cordatus and CBRE GIP launched the trust in December 2015 with initial funding of £150m. The Trust has now deployed around £178m and continues to seek investments with typical lot sizes of between £3m and £15m.