June flurry boosts industrial sector’s H1 performance

A new record rent for the region in Warrington and 1.8m sq ft of deals across sheds larger than 50,000 sq ft were among the highlights of the first six months of the year, according to research by agency BOX4 Real Estate.

The 1.8m sq ft of deals signed between the start of January and the end of June was up on the same period in 2023 – 1.6m sq ft – and 2024 – 1.5m sq ft.

There is an estimated 2m sq ft of deals currently in the works that could complete by the end of 2025, according to BOX4.

Regency Glass’ 120,000 sq ft deal at Trident in Warrington set a new headline rent for the North West industrial and logistics market of £12/sq ft, overtaking the 11.50/sq ft set by Oak Tyres at Omega at the back end of 2024.

Other notable deals in the first half of 2025 include Badgequo taking 94,000 sq ft at Frontier Park in Burnley and Whistl’s 140,000 sq ft pre-let at PLP’s Astley in Wigan.

All three of these deals were signed for new-build space but the two largest deals of the year so far were for secondhand units; Eurosonic’s 184,000 sq ft letting of the former Sambro International site in Bury and Rubies Masquerade’s 170,000 sq ft deal at Space 170 in Liverpool.

Around 775,000 sq ft of the 1.8m H1 total was signed in June.

“In the North West, it’s been a case of steady deals rather than standout volume, but activity is flowing, especially in the mid-box space with occupier take up favouring modern second hand buildings,” said Sam Royle, director at BOX4.

“The region’s diverse occupier base continues to underpin resilience, driven largely by regional SME’s with demand strongest across Greater Manchester around the M60 orbital.”

BOX4 was set up earlier this year by James Goode, Avison Young’s former North West head of industrial and logistics, as well as Knight Frank’s Sam Royle, Edward Kennerley, and James Clements.

From left: Goode, Clements, Royle, and Kennerley. Credit: Blaze Marketing