SEGRO scores at Heywood

The largest industrial deal in the North West this year (SEGRO selling a 46,450 sq.metres (500,000 sq.ft.) unit at Heywood Distribution Park) underlines the resilience of the sector in the face of the recession. It has been purchased by Fowler Welch Coolchain, a consumer goods supply chain organisation who already occupy a unit at Heywood (a fifth of the size). SEGRO’s David Bridges said: “The sale of the Hub emphasises Heywood’s status as the number one destination for businesses in the North West.” Stuart Murray of Savills emphasised that the deal signalled a change in the strength of the industrial market in the North West.

This is commensurate with the recent economic information. Putting flesh on the bones of the recovery, Jones Lang LaSalle (JLL) said “occupier demand for large units made a strong recovery during the first half year with a 67% increase to 947,580 sq.metres (10.2 million sq.ft.) compared with the previous half year.” Richard Evans of JLL commented: “We expect that occupier demand will level out in the second six months as concerns surrounding the UK economy growth prospects continue. Nevertheless, total 2010 industrial and logistics take up for large units could increase by 60%.”

The main driver for the improvement is from retailers and there is also a rise in development, mainly through design and build coming at a time when there is a growing shortage of large units, heralding a rise in rents. The better market will be music to the ears of those companies with a large portfolio of industrial and business parks such as Northern Trust and London and Cambridge Properties (L&C). L&C has a longterm policy of upgrading its estates and has now appointed Mason Owen and Altus Edwin Hill to market its refurbished properties at the Pimbo Industrial Estate, Skelmersdale. The improvement has been extensive, including a new roof, cladding and electrically operated shutters to office windows on Unit 8 plus a new ground floor office layout and better lighting. Margaret Hopkins of L&C said: “These units offer a high standard of business accommodation for production or warehousing in a well established area of Skelmersdale.”

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