Blackburn industrial estate acquired by US investor in multimillion-pound deal
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A Blackburn industrial estate has been acquired by a US-backed investment company in a deal that is one of the biggest of its type in the M65 corridor in recent years.
The final acquisition price is undisclosed, but the estate had an original asking price of £27.95m.
Walker Industrial Estate has been bought by 4th Industrial. B8 Real Estate acted as agents for the buyer. The vendor was a client of CBRE Investment Management, advised by M1 Agency.
Walker Industrial Estate is situated next to junction five of the M65, three miles from Blackburn town centre.
It currently houses eight fully let units totalling 324,340 sq ft of space and with a total annual rental income of £1.49m.
Tenants include Wincanton, Perspex International, Steel Dynamics, NeoNickel (Blackburn), Pentland Wholesale and Carlisle Interconnect Technologies.
The 21.3-acre site was once home to Walker Steel, the business empire led by the late Blackburn Rovers owner Jack Walker. Following the sale of the business to British Steel in 1989, the site was redeveloped by the Walker family.
Simon Wood, head of investment at B8 Real Estate, said: “We are delighted to have been able to secure this high quality industrial park for our client in the face of tough competition.
“Lancashire has a vibrant industrial base which is driving demand for space all along the M65 corridor from Chorley to Blackburn. We particularly liked the Walker estate because of its excellent layout and the opportunities to add value.”
He added: “This deal demonstrates the way in which major overseas investors are increasingly willing to look beyond the M6 corridor and make significant investments in industrial areas like Blackburn. As such, it represents a significant vote of confidence in the North’s economy.”
Founded in February 2021, 4th Industrial specialises in multi-let and light industrial property.
Walker Industrial Estate is the latest addition to its portfolio which also includes Crendon Industrial Estate in Thame, Alpha Business Park in Birmingham, Ashroyds Business Park in Barnsley, Melford Court in Warrington, Faraday Park in Swindon and The Ringway in Huddersfield.