Client: Harbert European Real Estate Fund/CBRE Asset Management
Type: Speculative High-#Bay Warehouse Scheme comprising two units
Size: T1, 145,000 sq ft / T2, 98,677 sq ft
B8RE advised the client on a speculative ‘big box’ scheme of two self-contained units within a prime North West industrial location which set new prime distribution rental levels for the region.
Trafford Point comprised a speculative new build development of two units (T1 – 145,000 sq ft & T2 – 98,000 sq ft) with each unit built to a high specification to include a minimum clearance height of 12.5 metres, minimum 8 dock level loading doors, high quality two storey offices with raised floors and comfort cooling and secure 50 metre depth yards.
Comprising a 17 acre cleared site, B8RE advised Harbert/CBRE Asset Management on the design and specification for the construction of the development including an in-depth review of the market highlighting current supply and demand together with potential exit values.
Working in conjunction with CBRE Asset Management a full marketing campaign was commenced prior and during the construction phase which ultimately led to B8 Real Estate agreeing terms with SIG Insulation plc on Unit T1 for a term of 10 years at headline rent of £6.00 per sq ft, a record rental for prime distribution in the North West.
This was recently followed by the successful letting of T1, Trafford Park to Globus on a 10 year term at a new record prime rent of £6.50 per sq ft.
The above illustrates B8 Real Estate’s knowledge and exposure to the prime North West distribution market.