M7 Real Estate has let a 63,000 sq ft warehouse in South Lancashire Industrial Estate to Pallet-Track, on a 10-year lease at £5.17/sq ft.
The unit at the Ashton estate is secondary stock which was refurbished by M7 following the lease expiry of the previous tenant.
Pallet-Track was founded in 2004 in Wednesbury near Staffordshire, before relocating to a 267,000 sq ft Central Hub in Wolverhampton in 2008. The 63,000 sq ft unit in Lancashire represents the business’s first in the region and is a part of its plans to expand across the UK.
John Murnaghan, head of UK Real Estate at M7, said: “The comprehensive refurbishment and improvement of the asset has repositioned it in the market to meet the demands of logistics operators. M7 began the refurbishment in January this year and the letting to Pallet-Track crystallises a 55% uplift against the previous rent demonstrating the strong demand for this type of quality product.”
B8 Real Estate acted for M7 Real Estate.