Tritax Big Box REIT has exchanged contracts to forward-fund Bericote’s development of a 361,000 sq ft warehouse at Haydock, St Helens, pre-let to a “financially robust world-leading retailer” understood to be Amazon.
The price represents a commitment of £68.7m, reflecting a net initial yield of 4.9%.
Bericote was given outline consent in early 2017 to develop up to 1.4m sq ft in two units at the 91-acre site, which was formerly known as Florida Farm and lies opposite the existing Haydock industrial estate at junction 23 of the M6.The project has been branded M6Major.com.
However, in June Bericote submitted reserved matters applications to St Helens Council, altering its plans to two units totaling just under 900,000 sq ft.
Unit 1’s total size will be 361,000 sq ft, of which 328,000 sq ft will be warehouse space, plus a 27,000 sq ft office and two hub offices totalling 5,000 sq ft. It will be at the centre of the development plot, with 111 docking spaces, 211 HGV parking spaces and 437 car spaces. This is the warehouse understood to be taken by Amazon.
Another 480,000 sq ft warehouse will be built on the next plot.
DTRE represented the Tritax. Avison Young is the sole agent for M6Major.com.