Northern Trust and Space NW swap Cumbrian estates

Trevor Hemming's Northern Trust has acquired two industrial estates and an office scheme totalling 70,000 sq ft from Space North West, the joint venture between Ashtenne and the North West Development Agency.

Northern Trust paid an undisclosed sum for 9,300 sq ft of offices at Daltongate Business Park, Ulverston, along with 45,000 sq ft at Sneakyeat Industrial Estate, Whitehaven, and 16,000 sq ft on Bridge End Industrial Estate, Egremont.

In return, Northern Trust sold its half of Cleator Moor Industrial Estate to the public-private JV, which now has ownership of the whole estate.

Tom Parkinson, director of Northern Trust, said the acquired assets comprise 55 industrial and office units.

The deals increase Northern Trust's Cumbrian portfolio to 17 industrial estates and office schemes providing 208 units and 559,000 sq ft of business space.

In total Northern Trust's existing property portfolio is in excess of 8m sq ft of industrial and office parks and 2,000 acres of development land.