Oceanic Estates invests in Runcorn
Advised by industrial specialist LM6, Southampton-based Oceanic Estates has purchased the former Baldwin Filters regional distribution facility at Preston Brook in Runcorn, for an undisclosed amount.
Known as The Cube, the 152,871 sq ft facility was bought speculatively and is offered for lease on new FRI terms at a quoting figure equivalent to £5.50 per sq ft per annum.
Phil Morley, director at LM6, said: “This is one of the largest distribution units sold this year in the region and this latest investment by Oceanic Estates is further evidence of sustained confidence in the North West industrial sector.
“The Cube replenishes and provides much needed warehousing stock in the region, which has seen notable occupier take-up in recent months with significant deals including FTS Hatswell, Soak, Sykes Foods, Amazon and Movianto.”
Sam Royle, of Cushman and Wakefield who represented the vendor, said: “This is a unique distribution building in a strategic logistics location, close to the M56/M6 junction.
“The 28m high unit occupies a commanding position in Preston Brook, within a self-contained site of 9.6 acres, and given the current supply imbalance of premium warehousing, we expect keen occupier interest.”
Cushman and Wakefield represented the vendor, LM6 acted for the purchaser.
Savills, Cushman and Wakefield and LM6 are retained in a joint agency.