St Modwen ties up 200,000 sq ft Knowsley letting

Developer St Modwen has let 200,000 sq ft to Burhill DCR Logistics at Moorgate Point Industrial Estate in Knowsley, having completed a £2.3m refurbishment programme at the park.

Burhill will occupy unit 5, having agreed terms on a 10-year lease. A joint venture company with IDR Steel Logistics, Burhill Logistics is a freight forwarding and warehousing company, providing professional logistics services globally for the forestry, food and retail sectors.

The move for the company, which also has premises in Liverpool and Felixstowe, is set to create up to 30 jobs in Knowsley and positions the joint venture as one of the largest independent warehouse companies in the UK, it said. Anderton Gables provided technical due diligence advice to the occupier ahead of the deal.

The refurbishment works reflect a capital investment of £2.3m by St Modwen at Moorgate Point, which has included the refurbishment of the Burhill unit and repairing  roofs on a further 500,000 sq ft of buildings.

Paul Brustad, senior asset manager at St Modwen, said: “Our significant investment in the buildings, to offer affordable and flexible accommodation, reflects the continuing demand for good value, effective industrial warehouse accommodation to complement the new space being delivered in the regional market. It also typifies the ongoing investment we make into our estates throughout the portfolio.”

A single unit of 27,000 sq ft is the only remaining industrial space at Moorgate Point, which also includes serviced offices within its 30 acres. Moorgate Point was acquired by St Modwen in 2015 and also has 6.55 acres of adjoining development land.

The site is located off the A580 East Lancashire Road and M57 at the front of Knowsley Industrial Estate.

Rob Taylor, partner at agent Knight Frank, said: “The industrial market around Merseyside remains buoyant, as demonstrated by this letting.  Our clients invested a large amount of capital in refurbishing the unit and their investment has reaped the rewards of quickly securing a letting from an established, Liverpool based occupier.

“The length of the lease shows the continued commitment by occupiers to the right buildings in the right locations.”