MOORFIELDS SUCCESSFULLY DELIVERS & SELLS PRIME DISTRIBUTION UNIT IN THE NORTH WEST
Property Specialists, Moorfields Advisory have sold a prime distribution unit in the North West after completing a substantial development programme on site.
The impressive 383,000 sq ft unit, immediately adjacent to the M6 motorway, is a keystone in the wider Haydock Industrial Estate area and is central to the economic expansion of new business along the M6 corridor - placing North West logistics businesses on the map.
On appointment, Moorfields re-aligned a complex construction programme, managing a large scale multi-disciplinary team to co-ordinate and deliver completion of the unfinished unit, including highways works and local highways improvements, and a challenging programme of specialist ecology works.
In addition, Moorfields negotiated a new 15 year lease with Movianto, a global Healthcare Logistics Services company securing long term economic activity and employment in the area.
The unit was purchased by Warrington Borough Council at a price of £45,300,000 reflecting a new initial yield of 4.82%.
Arron Kendall, Moorfields Advisory Partner said, “We are delighted to have secured the sale of this significant industrial unit in Haydock, enabled by our track record and unparalleled ability to deliver composite construction and development strategies. Our team was able to quickly embed itself part way through the construction process to ensure delivery of a high quality end result, working with a range of stakeholders including Natural England.
Given the location of the unit alongside the M6 motorway we are pleased that it should continue to thrive. The security of the new lease is an attractive investment. The industrial market has had a strong start in 2019 but more recently we have started to see an increase in supply and reduced demand as investors sit and wait the outcome of Brexit. Landlords are now focusing on long term rents rather than achieving full uplift when it comes to renewals”.
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Moorfields is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.View all Our News