M7 pulls off brace of industrial deals

M7 Real Estate has completed two lettings comprising more than 170,000 sq ft of warehouse space at Deva 100 on Chester’s Matrix Court and Big Pal in Deeside.

Welsh storage and distribution business FTS Hatswell has agreed to let the 104,000 sq ft Deva 100, on the Chester West Emplyoment Park, on a 15-year lease at a headline rent of £4.75 per sq ft.

M7 acquired Deva 100, which had been vacant since completion a decade ago, in March this year on behalf of an institutional client. The building comprises slghtly more than 98,000 sq ft of warehousing and around 5,000 sq ft of offices over two floors.

In the second deal, the 69,080 sq ft Big Pal in Deeside, previously occupied by FTS, has been let to Soleil Foodservice on a seven-year deal at £3.90 per sq ft.

John Murnaghan, head of real estate in the UK and Ireland for M7, said: “Securing the letting at Deva 100 within five months of acquiring the unit is an indicator of the continued healthy demand for quality space in this region as well as our asset management capability.

“We are pleased to be working with both FTS and Soleil Foodservice to support their respective growth plans. We have been able to capitalise on our network and on the ground expertise in the region by relocating an existing tenant to a vacant unit within the portfolio whilst simultaneously securing a new tenant for their former unit.”

M7 was represented by Bury-based Peloton Properties.