B8 Real Estate, acting on behalf of Marshall CDP have completed the investment sale of Eclipse, on Northbank Industrial Estate, Irlam to London Metric PLC culminating the end of a 24-month success story for the site.
Eclipse which has been developed by Marshall CDP comprises a 136,000 sq ft distribution warehouse built to a high specification including 15m eaves, 14 dock level loading doors, 4 ground level loading doors, external 2 storey offices and a significant concrete yard area. Construction of the development only completed last week albeit an agreement for lease was completed last year with successful North West online retailer, LSE Retail Group, on a new lease expiring in 2036 at a rent reflecting £6.75 per sq ft.
Simon Wood, Director at B8 Real Estate commented “This is a great end to end story for CDP and B8 starting in late 2018 when, advised by B8, CDP acquired the site. CDP didn’t delay and pressed the spec button almost straight away and as soon as planning was granted, and work started early last year we received interest from occupiers very keen to secure the space. This resulted in us ultimately agreeing terms with LSE. The investment was then marketed in November 2020 and after huge interest a sale was agreed with London Metric at circa £20M.
This deal demonstrates the shortage of supply of good quality, vacant and prime distribution space in Manchester and the huge demand from investors for grade A product. CDP had the foresight to buy the site and speculatively build, resulting in a brilliant result for all.”
Marshall CDP were represented by B8 Real Estate and London Metric were advised by JLL.
For further information contact:
Simon Wood 07793 119210 firstname.lastname@example.org
Ed Blood 07703 234233 email@example.com
Hugh Chivers 07824 319534 firstname.lastname@example.org