IM Properties reports Calver Quay deals

IM Properties has completed two deals totalling 70,000 sq ft of warehouse space at its industrial scheme in Warrington.

AVC Wireless has recently signed a new 10-year lease to acquire 26,000 sq ft at a headline rent of £4.85/sq ft.

Topgrade Sportswear acquired 44,500 sq ft for a five-year term at an undisclosed rent. Topgrade has taken the unit in addition to its existing warehouse in Birchwood to enable the company to continue its expansion plans.

David Cook, asset manager at IM Properties, said: "We were always optimistic of successfully letting the units given their proximity to Junction 9 of the M62 and are delighted to have concluded the deals in quick succession of each other after undertaking a comprehensive refurbishment of both units."

Daniel Burn, director at joint letting agents Jones Lang LaSalle, who acted alongside CB Richard Ellis in securing the deals, said: "Warrington has seen considerable take up over the past few months and there is now a real shortage of good quality warehouse space available in the town. Given the ongoing economic uncertainty, these deals are great news for the area and testament to the quality of the buildings and proactive approach taken by the landlords.

In July, Warwick-based IM Properties secured £150m of senior debt with Handelsbanken and Yorkshire Bank.