the North West BC Real Estate "continues to perform extremely well"
We have seen rents move on this year on the larger box units with Countryside setting the benchmark for second hand space at a rent of £5.95 per sq ft and Globus Trafford Park paying £6.50per sq ft for new build.
Gary Chapman, John Barton D
espite Brexit looming, the industrial sector continues to perform extremely well with the take up in the first half of 2018,
exceeding the whole of 2017. Brexit is still an unknown quantity across all of the property sectors but we aren’t really seeing this effect the North West logistics sector with over 2million square feet of big box space traded in the first half of the year.
Online retail in recent years has played a fundamental part in warehouse take up, however this year we have seen a slight change in the type of occupier taking space this year with Royal Mail taking 345,000 sq ft at Omega Warrington, Movianto taking 373,000 sq ft at Haydock Green, Countryside Homes taking 129,000 sq ft in Warrington and also TJ Hughes taking 170,000 sq ft at Space 170 Liverpool.
A further 1.5m sq ft of deals are currently under offer and therefore we are predicting that there will be an overall take up, in excess of 4million sq ft.
We have also seen an increase in smaller unit schemes coming forward and this is due the increased demand for modern warehouse units and the shortage of supply for good quality second hands units. Top Deck Bolton, Kingsway Rochdale, and Eaton Point Chorley have come forward this year and all have good interest with a number of deals being done or in solicitors prior to practical completion. At Top Deck Bolton £7.50 per sq ft on a shell 9,500 sq ft unit was achieved earlier this year.
The developers seem to be pressing on with both First Pannatoni and Mountpark speculatively building big box warehouses in prime locations. This is been driven by the lack of Grade A stock and strong occupier demand, particularly given there are requirements from Ikea, L’Oreal etc that need satisfying.
There are some key sites that have been highlighted within the Greater Manchester Spatial Framework and it is imperative that the “right sites” remain within the plan once they have been reviewed later this year.
We need to avoid a situation where many of the larger requirements are being forced to look beyond Greater Manchester due to the lack of the sites that can accommodate single units of 350,000 sq ft plus.
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PHOENIX
Stakehill Industrial Estate, Middleton 170,000 Sq Ft
John Barton
john@bcrealestate.co.uk
Gary Chapman
gary@bcrealestate.co.uk
53
WAREHOUSE ACQUIRED ON A FREEHOLD BASIS FOR
OCCUPIER ROWLINSON KNITWEAR
ACQUIRED ON
BEHALF OF OCCUPIER DOMU BRANDS
RECENTLY
APPOINTED ON BEHALF OF LANDLORDS VENGROVE
ACQUIRED FOR
INDUSTRIAL OCCUPIER PP GROUP
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