Distribution Warehouse, Middleton – Receivership
Moorfields were appointed as Receivers over a Tesco distribution warehouse located in Middleton, Manchester. The property comprised 301,479 sq.ft of distribution space and was valued at approximately £23 million.
The asset required specialised management to protect the lender’s security and ensure compliance with lease obligations.
Objectives
- Protect and enforce the lender’s security over the property.
- Ensure compliance with lease repairing obligations to preserve asset value.
- Market and dispose of the property to achieve optimal recoveries.
Moorfields’ Actions
- Undertook immediate asset inspection and enforced lease repairing provisions to maintain the building in good order.
- Appointed specialist agents to market the property to prospective industrial and logistics investors.
- Managed tenant liaison and operational compliance throughout the receivership.
- Coordinated due diligence, negotiation, and sale to secure the best outcome for the lender.
Results
- Sale of the distribution warehouse successfully completed, maximising recovery for the secured creditor.
- Lease obligations enforced, protecting long-term value.
- Operational continuity maintained for the tenant during the disposal process.
- Demonstrated effective management and realisation of a strategic industrial asset.
