Movianto has signed up for 153,000 sq ft in Runcorn, the healthcare provider’s third major industrial deal in the North West in the past six months
The company has taken the entire building at the Whitehouse Industrial Estate on a full repairing and insuring lease, at a rent equivalent to £6.50/sq ft, for three years.
Oceanic Estates bought the building in October last year for around £8.4m; at the time of its purchase in October last year, the building, known as The Cube, was offered at a quoting rent of £5.50/sq ft.
Oceanic Estates was advised by Cushman & Wakefield, Savills, and LM6 Commercial Property, while Movianto was advised by ACR.
In July last year, Movianto also signed up for two sheds in Knowsley and St Helens, totalling 673,000 sq ft. The move will see the company take 373,000 sq ft at Haydock Green, and 300,000 sq ft at Titan, a scheme fronting the East Lancs Road.
Phil Morley, director at LM6said: “The industrial sector continues to lead the UK property investment market, posting one of the strongest take up figures on record for 2018.
“The investment strategy for The Cube was underpinned by strong occupier demand which has been driven by e-commerce, a structural change in our shopping habits fuelling demand for large scale logistics units and demand for warehousing as a direct result of Brexit planning.”
“The letting of The Cube reflects these market dynamics. It is the one of the largest big box lettings of the year and comes within just weeks of its speculative purchase by our investor client Oceanic Estates. We were able to achieve a premium rent for the facility due to the strength of occupier demand and restricted supply in the region.”