Unit 2 Orion Business Park, Cheadle

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Acting for Kames Capital, B8 Real Estate has let a 56,500 sq ft unit at Orion Business Park in Cheadle to aviation training provider CAE Training & Services UK Ltd.

The unit was previously occupied by Boeing and comprises a mixture of high bay warehouse accommodation together with three storey offices. Following a full refurbishment it has been let to CAE on a 10 year lease at the headline rent of £6.50 per sq ft.

Orion Business Park is prominently located fronting Birdhall Lane and comprises 7 detached modern warehouse / business units with current tenants including Bosch, Panalpina, and Landis & Gyr

Jim Hartley the fund manager of Kames Capital’s Active Value Closed Ended 1 Fund says: ‘We are very pleased to have secured this deal with a key occupier from the aviation industry on a long term commitment and competitive rate.’

This latest deal leaves only one unit remaining at Orion Business Park, the 44,000 sq ft Unit 1 which again provides a mixture of modern warehouse and office accommodation.

Fully Let at Lea Green Business Park, St Helens

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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

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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

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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

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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

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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

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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

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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

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 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

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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