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.

B8RE Sell Manor Portfolio

B8 Real Estate, acting on behalf of PIN Properties, has completed the sale of the Manor Portfolio. The portfolio comprises 137,500 sq ft of industrial accommodation across nine units in Manor Park, Runcorn and was sold to London and Associated Properties for £6,200,000.

Phil Meakin at PIN Properties commented: “Having completed our asset management strategy on the portfolio, including a planned refurbishment programme and the letting of vacant units, we felt that the time was right to sell the asset. As a business, our focus is now on our development pipeline and single let schemes and we are now on site at Rugby Business Park, Chadderton.”

John Burrows at B8 Real Estate commented, “B8RE have been involved with these assets since PIN’s acquisition and it has been great to see the business plan through to a successful conclusion on the back of securing a number of new lettings across the portfolio. The asset management work undertaken by PIN Properties has been reflected in the price achieved for the portfolio, which also re-affirms continued strong investor demand for well let assets within established industrial locations such as Runcorn.”

Pin Properties were advised by B8 Real Estate and Kuit Steinart Levy LLP

London and Associated Properties were advised by Rowley Hughes Thompson and Pinsent Masons

Trafford Park Operator Expands into New Facility

Acting for Peter Stevens Estates, B8 Real Estate have secured a 66,000 sq ft letting at No1 Trafford Park to Espirit Warehousing for a term of 10 years.

Previously occupied by SIG Insulation, No1. Trafford Park comprises 66,000 sq ft of warehouse and office accommodation over two buildings on a site of 2.87 acres prominently located fronting Westinghouse Road.

Following a full refurbishment, the deal was agreed at a rental of £5.95 per sq ft and sees Espirit Warehousing expanding their bulk storage operations within Trafford Park.

Paul Thorne of B8RE commented:

“The prominent location and nature of the site enabled us to secure a tenant whilst the refurbishment works were ongoing on what is a record rent for refurbished 2nd hand accommodation in Trafford Park.”

Peter Stevens Estates was advised by B8 Real Estate and JLL. Espirit Warehousing were unrepresented.


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


Safety equipment supplier Globus has taken nearly 100,000 sq ft at the speculatively-developed Trafford Point in Manchester, meaning the 240,000 sq ft scheme is now full.

Advised by RGD Consulting, Globus has taken the 98,600 sq ft T2 unit on a 10-year lease at a rent of £6.50/sq ft. The project’s first unit, T1, covers 141,500 sq ft and was let to SIG Trading.

Trafford Point, on Ashburton Road West close to Junction 10 of the M60, was developed by Harbert European Real Estate Fund III and forms part of the fund’s 4.4m sq ft Trafford Park portfolio.

This also includes other new-build schemes including North Point on Mosley Road, and 149,000 sq ft at Heywood Point, where there are also plans to develop a further 500,000 sq ft of industrial and logistics space

CBRE asset manages the portfolio, while B8 Real Estate and DTRE are joint letting agents for Trafford Point.

Howard Hill, director of CBRE’s strategic asset management team in Manchester, said the deal “vindicates the decision to speculatively build new accommodation in the area”.

“The quality of the tenant, the lease term and the new rental tone achieved is testament to the quality of the development and reinforces the level of occupier demand for units in this size bracket,” he said.

Duchy of Lancaster Secure Centrica

The Duchy of Lancaster has secured energy giants, Centrica as new tenant within Centenary Park in Trafford Park.

Unit 10 comprising a modern detached warehouse unit extending to 25,300 sq ft was let by way of a new 12 year lease at a rental of £6.75 per sq ft.

Centenary Park comprises 6 detached industrial/warehouse buildings developed by the Duchy of Lancaster in 2006 and following this latest letting the estate is now fully let.

Commenting on the deal, Paul Thorne of B8RE said “the quality of tenant and the rental achieved, illustrates the level of demand for Grade A accommodation in prime locations such as Trafford Park. This is further highlighted by the amount of interest we received in the unit and is testament to the quality of product on offer. “

B8 Real Estate acted as joint letting agents with Riddell TPS. Altus Edwin Hill represented Centrica.

B8RE Sell City Park Trading Estate on behalf of Pears Property

An estate of 16 industrial units on the edge of Fenton Industrial Estate in Stoke-on-Trent known as City Park, has been sold by B8RE on behalf of Pears Property for £3.46m with a net initial yield of 7.70%.

The Estate comprises 88,718 sq ft of accommodation, which is fully let to 18 occupiers and has a number of long-standing tenants, largely due to its convenient location near to the region’s key arterial transport routes. Agreed rents on recently renewed lease terms achieved up to £4.00 per sq ft, showing an average increase of 38%.

The property was purchased by Sandyford Properties who are managing a programme of refurbishment works at the estate.

John Burrows of B8 Real Estate commented: “The estate has a proven track record, with an excellent tenant retention rate and improving rental levels.

“The strong level of interest generated by this sale demonstrates significant investor demand for secondary multi-let estates which offer the ability to further enhance value through a refurbishment programme.’

Sandyford Propeties were represented by Adam Wildig at GVA, who commented: “The shortage of quality industrial space in the market has been well documented in the media and North Staffordshire in particular, has seen high demand from occupiers in recent years.

“The purchase of City Park demonstrates Sandyford Properties’ continued targeting of quality multi-let industrial assets. Given the low site coverage, the estate offers a range of asset management opportunities which will only be enhanced further on completion of the refurbishment and development programme.”

Pears Property were represented by B8RE and Colliers International.

Sandyford Properties were represented by GVA.

Coffee Supplier Signs Up At Logistics North

In the second major deal at the Bolton logistics site in the last six months, coffee supplier Rijo42 has signed up for 20,300 sq ft at a headline rent of £7.25/sq ft.

The company, which supplies commercial coffee machines, coffee beans, and ingredients will take one of the units at the speculatively-developed Multiply, a 10-unit scheme currently being delivered by contractor Buckingham for developer Harworth Group.

Rijo42 will move in to the unit on a 15-year lease once it practically completes in October 2018. Other units at Multiply set to be delivered this year range between 149,200 sq ft and 18,000 sq ft.

The first phase of Multiply completed earlier this year; this featured units of 63,000 sq ft; 56,000 sq ft; and 44,800 sq ft. The smallest of these was taken by landscape material supplier Hardscape Products on a 15-year lease in April this year, as first revealed by Place North West.

B8 Real Estate and JLL acted as joint agents for Harworth.

Ian Ball, executive director of income generation at Harworth, said: “This is another excellent deal for Multiply Logistics North, marking the start of what we believe will be a fruitful long-term partnership in generating returns for Lancashire County Pension Fund and Harworth Group.

“Securing an early pre-let shows that demand from the North West’s SMEs remains very strong and we are now keen to maintain this momentum as the remainder of the Multiply Logistics North is developed out over the next eighteen months.”

Sean Griffin, director of Rijo42, added: Relocating to this impressive new development is perfect for us, especially through this period of rapid expansion and growth. The decision to move was simple; the site perfectly reflects our key vision to remain the largest independent coffee company in the UK and supports our long term eco-strategy.

“Our new state-of-the-art facility will enable us to deliver unparalleled first class customer service and provide our well-established team with a truly unique and inspiring place to work. The proposed development expansion will bring further career opportunities to the community and has the potential to be replicated in the South of England in the future, which is incredibly exciting”

The deals follow two 10-year lettings at R-evolution, which was also speculatively developed at Logistics North. Earlier this year Northern Building Plastics and cleaning machines supplier Vaclensa agreed to take the C4 and C5 units, which together account for a combined 52,900 sq ft, at a rent of £7/sq ft.

Other occupiers at the site include 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.