Legal & General and Barwood snap-up Wigan site
A JOINT venture between North West newcomer Barwood Developments and Legal & General Property, has bought a 31-acre industrial site near Wigan.
Located on Lockett Road in South Lancashire Industrial Estate, the site has been acquired from Georgia Pacific and is situated in an established distribution hub in close reach of the M6.
The deal, is believed to be the largest industrial site purchase in the North West of England in over 12 months.
LGP will be submitting a planning application to build two single warehouse units comprising of 555,000 sq ft and 100,000 sq ft.
The site has been acquired on behalf of LGP’s Linked Pensions Fund and Barwood will act as the development manager.
Will Edwards, fund manager at Legal & General Property, commented: “This transaction provides the Fund with exposure to an attractive distribution development opportunity in a strong location, close to the M6, with little competing supply and considerable demand prospects.”
Andrew Dickman, director of Barwood, said: “This is the first site that we have acquired since establishing the new North West office of Barwood a few months ago and we are delighted to have secured this strategic site.
“The site is only 1.5 miles from the M6 in one of the UK`s distribution hotspots. We believe it will be of interest to a number of retailers and logistic operators looking for prime distribution space in the North West.”
Mike Walker of CBRE, added: “This deal demonstrates the continuing strength of the North West industrial market. There are now no new big sheds currently available and there continues to be extremely healthy take-up of space in the sector throughout the North West region.
“This means if occupiers are looking for new accommodation they will have to go down the design & build route for procurement.”
CBRE acted for LGP and Barwood on the transaction. CBRE, B8 and Moriaty & Co have been appointed as the joint agents on the development.
