Full House announced for Squarestone in the North West
Squarestone Asset Management has secured 100% occupancy for the first time at Mere Grange Business Park in St Helens on behalf of Squarestone Growth, a £250m UK regional office fund.
Located just off the M62 between Manchester and Liverpool, the estate boasts six pavilions extending across 45,000 sq ft and was acquired in 2018 for £5.2m with a 30% vacancy.
Squarestone Asset Management completed eight lettings, welcoming tenants including 3,000 sq ft to Assist, 5,000 sq ft to VolkerRail, 4,000 sq ft to Smooth Law, 2,000 sq ft to Fostering Solutions, 4,000 sq ft to Byrne Looby, and 2,000 sq ft to Cyberwise.
The park offers affordable modern office space and benefits from ample free car parking with newly installed security barriers and an onsite children’s nursery.
Mere Grange is another example of the fund’s successful approach to strategic asset management and ability to transform office parks into sustainable, contemporary workplaces.
Squarestone founding partner, Paul Coulter, said: “We immediately saw potential in Mere Grange as the pavilions are built to a very high standard, on a strategic location, close to the motorway network and new dual carriageway into St Helens.
“With any out-of-town park we always budget on having a continued small vacancy as tenant turnover tends to be higher. However, we were delighted in 2020 that demand rose significantly leading to full occupancy with 50% of our lettings over the last three years taking place during lockdown.”
He added: “Much of this is due to strong local companies looking to improve the quality of the space they offer to their workforce, moving away from shared accommodation or traditional cellular accommodation in town centres.
“As a result, we are now fully occupied at St Helens as we are with our holdings nearby in Warrington and Liverpool. The North really is a powerhouse at the moment.”
Squarestone was advised by Jonathan Baucher of B1 Real Estate and BE Group.
