US investor 4th Industrial has bought the 324,340 sq ft Walker Industrial Estate, which is fully let to occupiers including Wincanton, Perspex International, and Steel Dynamics.
The asset was sold by a private investor client of CBRE Investment Management for more than the £27.9m asking price.
M1 Agency acted for the vendor and B8 Real Estate acted for 4th Industrial.
Founded by Derek Heathwood in February 2021, 4th Industrial is backed by TPG Real Estate. The investor specialises in multi-let and light industrial property and owns assets in Barnsley, Huddersfield, Warrington and Swindon.
Walker Industrial Estate is located next to Junction 5 of the M65, three miles from Blackburn town centre.
The 21.3-acre site was once home to Walker Steel, the business empire led by the late Blackburn Rovers owner Jack Walker. Following the sale of the business to British Steel in 1989, the site was redeveloped by the Walker family.
“Lancashire has a vibrant industrial base which is driving demand for space all along the M65 corridor from Chorley to Blackburn,” said Simon Wood, head of investment at B8 Real Estate.
“This deal demonstrates the way in which major overseas investors are increasingly willing to look beyond the M6 corridor and make significant investments in industrial areas like Blackburn. As such, it represents a significant vote of confidence in the North’s economy.”