Multiply Joint Venture Announces Fourth Letting at Logistics North
Multiply Logistics North – the new commercial development being delivered through a joint venture between Harworth and the Lancashire County Pension Fund (“LCPF”) at Harworth’s Logistics North site in Bolton – has signed its fourth tenant.
Taking a lease for 62,952 sq. ft of space on Multiply’s F1/A unit is PJH Group Limited, the UK’s largest supplier of bathrooms, kitchens and appliances. PJH Group employs nearly 500 people across its many UK sites and its customers include over 3,000 large multi site retailers, independent retailers, builders merchants, housebuilders, developers & affordable housing providers.
This latest deal follows a busy 2018 for the Multiply Joint Venture which now comprises circa 434,000 sq. ft of built space, developed over two phases. To date, circa 158,000 sq. ft has been let to four tenants including rijo42, UW Homes Services and Hardscape Ltd. This leaves c. 276,000 sq. ft available for immediate occupation in units ranging in size from 20,434 to 149,300 sq. ft.
Multiply Logistics North, a joint venture between Harworth and the LCPF, was created in May 2017. The agreement involved LCPF funding 80% of the acquisition and the development, with Harworth funding the remaining 20%. The parties took corresponding interests in Multiply Logistics North, with Harworth undertaking development management and asset management roles within the joint venture. The LCPF is advised by Local Pension Partnership and Knight Frank Investment Management.
B8 Real Estate, Jones Lang LaSalle (JLL) and Knight Frank have acted as joint agents for the transaction and remain the joint venture’s retained agents for the entire Multiply scheme.
Richard George, Chief Executive of PJH Group, said:
“This is great news for both PJH and our customers ensuring we can continue to provide a first-class service. I would also like to thank our advisors Doherty Baines in helping secure these excellent facilities.”
Ian Ball, Executive Director of Income Generation at Harworth Group plc, said:
“Securing four new lettings in just over six months justifies the joint venture’s decision to build speculative industrial space to absorb continued demand for well-located, energy efficient space. On a personal note, PJH is an excellent business and I’m pleased that we’ve brought further good quality employment to the site.”
John Styles, Partner at Knight Frank Investment Management LLP, added:
“Logistics North remains the North West’s premier distribution development and I am confident that the Joint Venture’s five remaining vacant units will be quickly let owing to the ongoing scarcity of supply in the North West. In addition, PJH’s decision to relocate means that over 500 people are now employed within ‘Multiply Logistics North’ and we are delighted that we’re making a valuable contribution to the ongoing success of the North West economy.”
Deputy Leader of Bolton Council, Cllr Ebrahim Adia, said:
“I am pleased to see another major company choosing to invest in Bolton. It is clear there is a real demand for units of this type and the expansion of Logistics North means Bolton is well positioned to meet the needs of businesses of all sizes and types.”
Harworth received outline planning consent for Logistics North, the largest live commercial development in the North West of England, at the end of December 2013. More than 5,500 people are now employed on the site by occupiers including Amazon, Aldi, Whistl, MBDA, Greene King, Costa and Komatsu. Once complete, the development will deliver over 7,000 jobs and add around £300m in Gross Value Added to the Greater Manchester economy per annum.
The completed Multiply units have been built to a specification designed to offer high quality and flexible business space to occupiers. This includes a BREEAM rating of ‘very good’, office space comprising 5-10% of the overall internal area, secure service yards with 38-50 metre depth and bespoke fit out solutions being available. Buckingham Group acted as principal contractor.