Three industrial units sold at Carrington Gateway development
Wain Estates has sold three units at its Carrington Gateway development in Greater Manchester to Cabot Properties.
The industrial and logistics development, totalling 211,000 sq ft, completed in 2020, and occupies a prominent location on Manchester Road.
The three units sit together on one side of the estate to the south of Porta Road and are currently occupied on long term leases by Hilti, Protective Packaging and Charles & Ivy. The three units sold comprise 167,000 sq ft, leaving 44,000 sq ft remaining.
The three remaining units are being retained by Wain Estates.
Wain Estates’ managing director of development, Jack Brister, said: “This is a very positive endorsement of the quality of the product we’ve created in the first phase of commercial development at the Carrington Estate.
“It is particularly encouraging given that we are currently making plans for future commercial phases at Carrington. We wish Cabot all the best with the management of the site.”
JLL acted for Wain Estates and B8 Real Estate acted for Cabot.
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 strong ESG credentials and a favourable occupational dynamic in the locality.
“We are continuing to actively seek both core and value add opportunities to build upon our existing portfolios in the UK.”
Carrington Estate is a one of the UK’s largest brownfield regeneration schemes – 1,665 acres – and Wain Estates’ vision is to provide 3.5 million sq ft of employment and 2,900 new homes around three new sustainable village centres over the next 15 years.
To date Wain Estates has secured consent for 1.2 million sq ft of employment and 600 homes, with further applications currently being determined.
The three retained units at Carrington Gateway provide 44,000 sq ft of space, with Colliers and JLL appointed as joint letting agents.