Edison Point warehouse sold for £6.83m
Cabot Properties has acquired the 108,000 sq ft facility in Runcorn’s Astmoor Park from Fabrix.
Joint agents B8 Real Estate and Fletcher Bond, who acted for Fabrix, said that the deal “crystalises the business plan” for the vendor, following its initial opportunistic purchase.
The property is let to Kuehne & Nagel Drinks Logistics, which has occupied the site since 2015. Cabot Properties was represented by CBRE’s Manchester office.
John Burrows of B8RE’s investment team said: “The North West industrial investment market continues to go from strength to strength, driven by the continued rental growth within the region.
“Occupier demand has remained strong in 2020, with take up for big box warehouses having already exceeded the six-year average of 4.16m sq ft. Combined with restricted supply, we envisage further rental growth in the foreseeable future.’
Michael Williams, vice-president, investments at Cabot, added: “This is a well located asset with a strong occupational dynamic in the locality. We continue to seek both core and value add opportunities to build upon our existing portfolios in the UK.’
Cabot is an international private equity real estate investment firm, headquartered in Boston, with a UK office in London. Fabrix is a London-based firm which is mainly involved in investment and redevelopments of urban buildings in London and Berlin.
Edison Point was let to K&N by Pin Property in 2015, on a ten-year lease, with Pin also represented by B8RE.