Colliers International has been appointed by Co-operative Estates to dispose of their entire UK-wide portfolio of surplus warehouses totalling in excess of 3m sq ft across 15 properties.
The sites, providing a range of ambient, chilled and frozen warehouses include properties in the south west of England, the Midlands and Scotland, ranging in size from 10,000 sq ft to 320,000 sq ft.
Colliers will act as lead agent on the portfolio, working with existing joint agents.
Geoff Player, Director of Commercial and Investment Property at the Co-operative Group said: “These properties are well located and offer a wide variety of warehouses throughout the country that will appeal to a range of distribution and industrial occupiers. The fact that the portfolio provides a mix of ambient, chilled and frozen space will undoubtedly widen their appeal. Co-operative Estates has already disposed on in excess of 700,000 sq ft of surplus industrial property in the last 12 months and we are looking to build on this momentum.”
Iain Davidson, Director of Logistics & Industrial at Colliers International commented: “We are delighted to have been appointed to dispose of the Co-operative Estates’ nationwide surplus warehouse portfolio. Our spread of regional offices across the UK will enable us to gain full leverage against all areas of this portfolio to facilitate successful disposals.
“The properties being offered in the portfolio provide an excellent fit for the distribution and wider industrial sectors. The sites are very well located and offer a wide range of floor space and facilities that will be attractive for an extensive range of occupiers.”
Co-operative Estates manage and develop the distribution portfolio for the Co-operative across the whole of the UK. As part of the Co-operative’s continuing desire to improve the logistics offer to customers and improve the age and performance of the building stock they have been involved with an acquisition and development programme since the purchase of Somerfield in 2008. The first of these new facilities are now open at Newhouse, Birtley and Andover comprising some 1.25m sq ft. Avonmouth, close to J18, M5 has recently completed providing 435,780 sq ft and they are on-site in Castlewood (J28 M1) for a further 477,000 sq ft which is due to open in early 2013.