Multiply Logistics North Partnership Secures First Tenant
Hardscape Products Ltd becomes latest occupier at Logistics North in Bolton, the region’s largest live commercial development.
Multiply Logistics North, the joint venture between Harworth Group plc and the Lancashire County Pension Fund c/o Knight Frank Investment Management, has secured Hardscape Products Ltd (“Hardscape”) as its first tenant on the 164,000 sq. ft first phase of the ‘Multiply’ scheme at Logistics North in Bolton.
Hardscape, the UK’s premier landscaping material supplier, has expanded from its present base within Bolton and taken occupation of the 44,771 sq. ft Unit F2/A, on a 15-year lease. The letting completed just over three months after Buckingham Group practically completed the unit in December 2017. B8 Real Estate and Jones Lang LaSalle (JLL) acted as joint agents for Harworth on the transaction.
Hardscape is the latest in a series of new occupiers at Logistics North. In February Harworth announced that it had agreed ten-year leases with Northern Building Plastics Limited and Vaclensa Limited for its C4 and C5 “R-evolution” units, totalling 52,871 sq. ft, completed within two weeks of practical completion. Other occupiers at Logistics North include Amazon, Aldi, Lidl, MBDA, Komatsu, Whistl, Costa and Greene King, with over 1,500 staff already employed on-site.
Two further units of 62,952 sq. ft and 55,556 sq. ft are also ready for immediate occupation at ‘Multiply Phase 1. With the continued lack of new commercial space in the North West, coupled with the strength of occupier demand, Multiply Logistics North Partnership will commence construction of ‘Multiply Phase 2’ – a further six units of between 18,073 sq. ft and 149,198 sq. ft. Buckingham Group Contracting Ltd has been instructed as the Joint Venture’s principal building contractor with practical completion of all six units scheduled for November 2018. In total, Multiply Logistics North will deliver ten commercial units, totalling approximately 564,000 sq. ft, across 3.12 acres, over the next two years.
Ian Ball, Executive Director of Income Generation at Harworth, commented:
“This is an milestone deal for Multiply Logistics North, marking the start of what we believe will be a fruitful long-term partnership in generating returns for Lancashire County Pension Fund and Harworth Group. We are now keen to maintain this momentum as the remainder of the Multiply Logistics North is developed out over the next two years.”
John Styles, Partner – Knight Frank Investment Management, commented:
“We are pleased to have kick started the letting process at Multiply by securing such a strong tenant on favourable terms. The quality of the product speaks for itself and this letting reflects the tenant’s desire to occupy the very best stock, in the right location. With strong interest for the remaining Phase 1 and Phase 2 units, we look forward to continued success at the scheme.”
Chief Executive of Bolton Council, Tony Oakman, added:
“This is further good news for Bolton – Logistics North continues to be a success and I am delighted that Hardscape is joining as Multiply’s first occupier. The development is the largest industrial site in the North West, in an excellent location, and it is no surprise that companies are choosing it to be their home. Securing tenants so quickly to these units shows confidence in Bolton and will bring further new jobs for our residents.”
Robert Kos, Senior Surveyor – UK Industrial & Logistics at retained agent JLL, commented:
“The deal to Hardscape proves that Logistics North is still one of the premier destinations in the North West and the decision to speculatively develop mid-box units on site was a successful one. This should kick start further interest in the scheme and additional deals will follow across both phases one and two.”