The second phase of Multiply, the development at Logistics North delivered through a joint venture between Harworth and the Lancashire County Pension Fund, has reached practical completion.
Six warehouse units have been delivered, totaling 270,848 sq ft, of which two have been let on long-term leases, accounting for around 50,000 sq ft
Smart metering business UW Homes Services has signed for the 30,577 sq ft Unit F2/C for 10 years at a regional headline rent of £7.75 per sq ft, while in July commercial coffee machine and ingredients supplier rijo42 agreed a 15-year lease at £7.25 per sq ft at the 20,404 sq ft Unit F2/E.
B8 Real Estate and JLL acted for the landlord on both deals. Buckingham Group was principal contractor for Multiply.
Multiply’s second phase offers five units between 20,000 sq ft and 30,000 sq ft, plus a 149,300 sq ft shed. Its development follows the first Multiply phase, which comprised three units between 44,000 sq ft and 63,000 sq ft and was completed at the end of 2017, with landscaping materials supplier Hardscape becoming the first tenant in April.
Multiply Logistics North, a 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% and the parties taking corresponding interests in the JV, with Harworth undertaking development management and asset management roles.
The LCPF is advised by Local Pension Partnership and Knight Frank Investment Management.
To date, more than 2.5m sq ft of commercial space has been built with a further 1m sq ft either under construction or committed to be built at Logistics North, which was consented in late 2013. More than 5,000 people are employed on the site by occupiers including Amazon, Aldi, Whistl, MBDA, Greene King, Costa and Komatsu.
Ian Ball, executive director of income generation at Harworth, said: “This marks a further key milestone in the excellent relationship between ourselves, the Lancashire County Pension Fund and Knight Frank Investment Management. I am delighted that we have delivered these units on-time and on-budget to support further jobs to Bolton and the region.
“New high quality commercial development remains at an absolute premium across the North of England, with vacancy rates remaining extremely low, and I am confident that we will be able to swiftly secure occupiers for the remaining four new units available.”