A 130,000 sq ft warehouse in Lancashire has been re-let within eight weeks of its lease expiring.
Alpha on Walton Summit Road near Bamber Bridge comprises a high-bay warehouse with 24 loading access doors at the confluence of the M65, M6 and M61. Following a lease expiry on 31 May 2016, the building was remarketed by the landlords and re-let on 1 August.
Morgan Martin and Aherne Property Consultants acted on behalf of Moorcot Property on the deal.
Chris Swarbrick of Moorcot Property said: “We acquired this property in the knowledge there was a lease expiry but were confident of being able to re-let the property based upon the specification and location.
“As a result, we have managed to add significant value to this asset which will continue to provide future asset management opportunities both in terms of rental and capital growth. We have also agreed terms to let a yard on our adjoining asset, Four Oaks Business Park which is already fully let, to support the growth and expansion of the utility company based on the estate.
“This reinforces our confidence in the location, which has an extremely limited supply therefore maximising growth opportunities.”
Charles Bell of Morgan Martin said: “There was significant interest in the property prior to the existing lease expiring and as a result have been able to agree a new letting quickly to a North West third-party logistics operator who will be running a dedicated contract from the building. A new lease was agreed at close to the asking terms of £3.95 per sq ft.”
Andrew Aherne of Aherne Property Consultants added that it also received freehold offers for the property but the landlord’s preference was to let the accommodation instead.