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.