Council pays £45.3m for Haydock distribution unit

Warrington Borough council has paid £45.3m for a distribution unit of 377,000 sq ft fronting on to the M6 motorway in Haydock Industrial Estate.

Niche North West industrial agent B8RE, acting on behalf of A S Kendall and S R Thomas of Moorfields Advisory as joint administrators of Industrial North West, disposed of the asset.

The property, which was completed this year, is let to Movianto, a global healthcare logistics services company on a new 15-year lease with an option to determine at year 10.

The investment reflects a net initial yield of 4.82%.

Simon Wood, of B8RE who acted on behalf of the administrator Moorfields on the sale, said: “This sale reflects the continued institutional demand for well-let prime logistics properties located in the North West of England.

“Haydock Industrial Estate is a recognised industrial location not only for SME-type businesses, but also larger logistic companies as proven by the amount of large companies basing their logistics operations here, including Amazon, Sainsburys, Bookers amongst others.”

Matt Stretton of Knight Frank, who acted on behalf of the purchaser, said: “We see this as an absolute prime industrial location which will continue to see more industrial activity and rental growth.”

B8RE acted on behalf of the vendor, A S Kendal and S R Thomas of Moorfields Advisory as joint administrators of Industrial North West.

C4 Projects acted as project managers and employers agents through the construction phase and subsequent disposal.

Knight Frank acted on behalf of Warrington Borough Council.