Despite the COVID-19 pandemic, the specialist North West division of Colliers International’s industrial and logistics team has completed five deals totalling over 672,000 sq ft, from April 20-July 20. With another 950,000 sq ft currently under offer for the second half of the year, it could be a record year for the team based in Manchester.
According to Colliers’ latest industrial Q2 report, appetite for industrial and logistics assets has been driven by an increased reliance upon e-commerce during the national lockdown and the ongoing structural changes in the retail sector, possibly pushing take-up to new record levels.
The deals completed by the industrial and logistics team at Colliers Manchester are:
- Acquisition of a 375,000 sq ft warehouse unit, on behalf of DSG Retails Ltd, at 375 Logistics North, Bolton on a 10-year lease.
- Acquisition of a 109,000 sq ft development site on 11 acres of the former Travis Perkins site in Stretton, Warrington for £7.5 million. The team acted on behalf of Tungsten Developments and BA Pension Fund. Colliers is now also appointed to market a speculative 244,000 sq.ft distribution warehouse on the site.
- Disposal of 109,000 sq ft of distribution and warehousing space plus offices on behalf of Carmel Southend Ltd at 10 Stretton Distribution Centre, Warrington to local investor, AVJON Ltd for £5.5 million.
- Disposal of a 30,000 sq ft self-contained detached unit on 1.6 acres on behalf of the Williams Group at Hulme Hall Lane, Manchester to Global Auctioneers on a leasehold basis on a new 10-year lease.
- Disposal of 49,470 sq ft at Units 1-3 William Fishwick Industrial Estate, Haydock to Miers Construction Products on a 10-year lease, acting on behalf of William Fishwick & Son Ltd.
John Sullivan, Head of the Manchester Industrial and Logistics team at Colliers International commented: “We are pleased to have been able to see these sales through to fruition on behalf of our clients, particularly during a lockdown period while there was so much uncertainty and very few deals taking place across other property sectors. Finding the right warehouse stock in the right location is one of the biggest challenges for occupiers, particularly nowadays as seasonal peaks are becoming more unpredictable. However, these transactions demonstrate confidence in the market and hopefully, as we have a strong pipeline ahead of us, we will start to see even more of an uptick in acquisitions and disposals before the end of 2020, as the economy starts to reopen across the board.”