Multiply Logistics North Secures Fourth Letting in 2020
Multiply Logistics North (“Multiply”), the commercial development at Harworth’s Logistics North site in Bolton, which is being delivered through a joint venture between Harworth and the LPPI Real Estate ACS c/o Knight Frank Investment Management (“KFIM”), has secured its fourth new letting of 2020.
The joint venture has completed the letting of Unit F2/B, comprising c.55,600 sq. ft, to PJH Group Limited (“PJH”), the UK’s largest supplier of bathrooms, appliances, sinks & taps. PJH, which is already a tenant of Multiply, has agreed a new ten year lease whilst extending the lease on its existing unit (F1/A) which provides 63,000 sq. ft of space, thereby aligning both agreements.
PJH Group employs nearly 500 people across its UK sites and its customers include over 3,000 large multi-site retailers, independent retailers, builders merchants, housebuilders, developers and affordable housing providers.
Richard George, CEO, PJH, said:
“We have been pleased with the facilities and support we’ve received whilst settling in to our existing unit at Logistics North, by taking on a second unit at the site we are confident we are best positioned going forward to continue to provide our customers with a FIRST CHOICE service.”
This is the fourth letting to complete at Multiply Logistics North this year following additional agreements with Solus, the Incontinence Shop and a pharmaceutical supplier, which have all taken ten-year leases. Only one c.149,000 sq. ft unit out of a total of nine built units remains vacant at the scheme.
Since its launch in May 2017, the joint venture has received consent for and built a total of 434,000 sq. ft of high quality, energy efficient industrial space, letting c. 300,000 sq. ft to seven tenants including rijo42, Hardscape, the PJH Group and UW Homes Services.
In line with the terms of the joint venture, LPPI Real Estate ACS funds 80% of the acquisition and development, with Harworth funding the remaining 20% and providing development and asset management services. B8 Real Estate, Jones Lang LaSalle (JLL) and Knight Frank are acting as joint agents for the scheme.
Tim Powner, Asset Manager, Harworth Group plc, commented:
“It has been fantastic to support the growth of PJH’s operations, a local business to Bolton, at Multiply through this letting, which also marks an important milestone for the scheme as it brings the first phase to full occupation. This letting was possible due to the strength of the landlord and tenant working relationship, which has grown over the last fifteen months, and we look forward to supporting PJH to ensure the business’ expansion into their new unit is as seamless as possible.”
Piers Windsor, Senior Investment Manager, 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 ACS & Harworth whilst delivering hundreds of new jobs for Bolton and Greater Manchester. We’re particularly pleased that the quality of our units and our support offering for tenants has encouraged PJH to make this decision.”
Richard Johnson, appointed agent, JLL, further added:
“Multiply Logistics North is an outstanding development, shown by the joint venture landing four separate deals in the space of three months so far this year. One final unit at Multiply remains available to let offering a high specification build and close proximity to North West’s key markets.”
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.