Runcorn distribution warehouse changes hands in £6.83m deal
Acting on behalf of Fabrix, joint agents B8 Real Estate and Fletcher Bond have completed the sale of the Edison Point distribution warehouse in Runcorn to US-based Cabot Properties for £6.83m.
The sale of the property crystalises the business plan for London-based Fabrix following the initial opportunistic purchase.
The property comprises a comprehensively refurbished 108,000 sq ft distribution warehouse, located on Astmoor Industrial Estate, Runcorn, with excellent access to the region’s motorway network.
It is let to Kuehne and Nagel Drinks Logistics, who have occupied the site since 2015.
John Burrows, of B8 Real Estate, said: “The North West industrial and logistics investment market continues to go from strength to strength, driven by the continued rental growth within the region.
“Occupier demand in the North West has remained strong in 2020, with take up for ‘Big Box’ industrial warehouses having already exceeded the six year average of 4.16m sq ft.
“Combined with restricted supply, we envisage further rental growth in the foreseeable future.”
Michael Williams, of Cabot Properties, said: “We are delighted to have concluded this transaction on behalf of our Value Fund programme.
“It’s a well-located asset with a strong occupational dynamic in the locality.
“We continue to seek both core and value add opportunities to build upon our existing portfolios in the UK.”
Fabrix was represented by B8 Real Estate and Fletcher Bond. Cabot Properties was represented by the Manchester office of CBRE.