Harworth secures next two tenants at Multiply
The joint venture between Harworth and the Lancashire County Pension Fund has let two industrial units totalling 46,000 sq ft at the Multiply Logistics North site in Bolton.
The first, a 25,500 sq ft unit, has been let to a Solus Accident Repair Centres which has taken a 10-year lease.
The second, a 20,500 sq ft unit, has been let to an unnamed pharmaceutical supplier which has also taken a 10-year lease at a rent of £7.75/sq ft.
Three of the nine units at the site remain available; one of 24,600 sq ft, another of 55,500 sq ft and the other of 150,000 sq ft with PJH, UW Homes Services, Hardscape, and Rijo42 already announced.
The development is part of Harworth’s wider Logistics North site which has occupiers including Amazon, Aldi, Whistl, MBDA, Greene King, Costa and Komatsu.
The 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%.
Tim Powner, asset manager at Harworth Group, said: “2019 was another busy year for Multiply. 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.”
B8 Real Estate, JLL and Knight Frank have acted as joint agents for the transaction and remain the joint venture’s retained agents for Multiply.