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The North West 2020 Annual Survey Buoyant North West Industrial Market Continues to Soar Julien Kenny-Levick


With a raft of speculative development either planned our underway the NW industrial property market continues its upward trajectory as we begin 2020. Recent completions by the likes of Pin Property at Rugby Park in Oldham (60,181 sq ft) and by St Modwen at Stonebridge 52 in Knowsley (52,000 sq ft) the development pipeline is looking strong going


forward. This will be a relief to occupiers who have witnessed a clear lack of new stock coming to the market in recent years. Such schemes will also address the shortage in this “mid range” size of between 50- 100,000 sq ft as developers have tended to focus on the big box sector of 200,000 sq ft and above in order to attract the likes of Amazon and other on line retailers. Schemes currently underway include Himor’s Carrington Gateway where a number of units are under construction ranging from 10,000-100,000 sq ft will be available.


Underpinning this surge in development activity is strong occupier demand. Many of the older 1980s style properties which still dominate the market are now becoming functionally obsolete for many end users now demanding higher eaves heights, larger service yards and superior energy saving credentials which older premises simply cannot provide. However, whilst occupiers will welcome the current and planned development activity they will not be keen to learn that rents have pushed forward over the past 2-3 years. Indeed, quoting rents on these new schemes range from £6.50-£6.95 psf meaning occupiers will no longer be able to secure favourable terms if they wish to secure top quality new space. It will be interesting to see what rents will be agreed at Stoford and TPG’s Icon scheme at Manchester Airport where


CBRE & LSH Secure New Occupiers at Refurbished 80 Mosley Street


Acting on behalf of clients of Mayfair Capital, the Office Agency teams at CBRE and LSH in Manchester have secured two new occupiers at 80 Mosley Street following refurbishment works at the office building located in St Peter's Square in Manchester City Centre. Following the upgrade, two new occupiers have been secured including North West accountancy and business advisory firm MHA Moore and Smalley who have established a new Manchester office on the back of three senior hires. The firm, which announced a record turnover of £17.77m in June, has taken a 6th floor office suite equating to 1,750 sq ft, which they moved into in September.


One Heritage, a Property Development, Technological Advancement and Trust Management firm has also taken a suite on the 7th floor comprising 1,302 sq ft. A further two suites remain at the property comprising 2,987 sq ft on the 8th floor and suites from 1,550 sq ft – 3,704 sq ft on the 4th floor.


The office building is situated in the iconic St. Peter’s Square, home to no less than four Grade I or II listed structures: Manchester Central Library, the Midland Hotel,


Manchester Manchester Town Hall. 54 Cenotaph and


record rents over and above the aforementioned figures will no doubt be achieved. Both speculative and build to suit options are planned here. Record rents have already been set at Harworth’s Multiply site at Logistics North in Bolton where £7.75 psf has been achieved on two lettings at the end of 2019 on new units between 20-30,000 sq ft.


Although the number of schemes underway will be welcomed in the market there remains the underlying issue of a lack of stock. This is in almost all size ranges from small 1,000 sq ft starter units to larger 50,000 sq ft units. Much more speculative development is needed if this demand/supply imbalance is going to be addressed. Hollins Murray Group have seen this opportunity in the market and have recently extensively refurbished a 36,694 sq ft former food facility at Bredbury industrial estate in Stockport. By sensibly adapting an existing property which did benefit from a more contemporary design they have created a modern facility at the fraction of the cost of a new build. Adapting/redeveloping some of the region's existing stock is also something that other developers should consider as demand evidently exists from end users.


The development pipeline in the North West is also continuing apace with the likes of Tritax Symmetry recently having their application for a 134 acre business park known as Symmetry Park in Wigan recommended for approval to Wigan Council. This application will include a proposal for a new 300,000 sq ft facility.


Legal & General Acquires BTR Tower On Behalf Of Flagship Funds


Legal & General (LGIM Real Assets) announces


that it has exchanged


contracts on a new Build to Rent (BTR) tower “North Tower” in Deansgate Square, Manchester. The acquisition, which is in line with LGIM Real Assets’ strategy to strengthen its exposure to alternative and operational sectors, has been made on behalf of its two largest balanced funds, the UK Property Fund and the Managed Fund, in a 50:50 ownership structure.


The deal represents the Managed


Fund’s first BTR acquisition as part of a sustained push into alternative sectors. Previous


investments include the


purchase of hotels, healthcare facilities and student accommodation. The Managed Fund, launched in 1971, has grown by £2bn in the last six years to a current value of £3.4bn.


Designed by world renowned architects SimpsonHaugh, North Tower sits at the heart of the Deansgate Square development


DTZ Investors to inject £9m into Printworks Manchester


DTZ Investors has submitted planning for a £9m major refurbishment of the iconic Printworks Manchester. The plans mark the first major investment in the scheme since it launched 20 years ago and will maintain Printworks’ position as a leading and progressive entertainment destination for Manchester and beyond. The most spectacular aspect of the refurbishment will see the internal introduction of a 1,300m2 full span digital ceiling screen, which will be the largest in Europe. It will offer a stunning customer experience with the ability to control ambience, lighting and sound with ever-changing imagery and tailored content. Plus, with the growing trend for gamification, Printworks will also benefit from a large interactive screen in the heart of the scheme to encourage social competition and engagement from visitors.


Recent letting successes have welcomed tenants


from the family and activity-


led world, including Treetop Adventure Golf, Escape Reality, and Tenpin bowling (opening early 2020) which have bolstered an already impressive offer. DTZ Investors will continue to diversify its tenant-mix away from a predominantly late-night offer to fully reposition Printworks as the premier destination for both daytime and night-time entertainment in Manchester.


COMMERCIAL PROPERTY MONTHLY 2020


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