Multiply Logistics North Makes Strong Lettings Progress
Multiply Logistics North (“Multiply”), the new commercial development being delivered through a joint venture between Harworth and the Lancashire County Pension Fund (“LCPF”) c/o Knight Frank Investment Management (KFIM) at Harworth’s Logistics North site in Bolton – has signed two new tenants for its commercial units in recent weeks, reflecting continued strong demand for good quality units of under 100,000 sq. ft in the North West.
The joint venture has completed the letting of Unit F2/D, a unit of 25,497 sq. ft, to Solus Accident Repair Centres (“Solus”). Solus has taken a ten-year letting and will be using the unit as a vehicle accident and repair centre. In a second deal, it has completed the letting of Unit F2/F, a unit of 20,434 sq, ft, to a pharmaceutical supplier that has taken a ten-year letting at a rent of £7.75 per square foot.
All of these deals mean that just three of Multiply’s nine built units – one of 24,636 sq. ft, another of 55,556 sq. ft and the other of 149,198 sq. ft – remain available for long-term letting.
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.
Tim Powner, Asset Manager at Harworth Group plc commented:
“2019 was another busy year for Multiply, emphasising Logistics North’s position as the North West’s leading distribution location. The three remaining units are the subject of strong interest and our immediate priority is to let these out to good-quality occupiers in the first half of this year.”
Piers Windsor, Senior Investment Manager at Knight Frank Investment Management added:
“We’re very pleased with how Multiply Logistics North has developed over the past two and a half years, realising a strong income stream for the Pension Fund & Harworth whilst delivering hundreds of new jobs for Bolton and Greater Manchester. We are confident that the existing scheme will be fully let shortly.”
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. Nearly 6,000 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.