Northtree picks up Winwick Quay asset
Working with agent B8RE, the investment management firm has acquired a 37,500 sq ft warehouse on the Warrington estate from a pension fund client of Colliers Global Investors.
Although the sale price was undisclosed, agents said that fierce bidding had pushed the net initial yield to around 4%.
Located on a 4.3-acre site, the property fronts the M62 and is three minutes from the motorway’s Junction 9.
The building is occupied by long-standing tenant QAS Group on a 10-year lease.
John Burrows, investment director at B8RE, said: “This asset is very rare and as a result there was unsurprisingly strong competition when bidding on the property. The asset is situated in a prime industrial and logistics hub and offers very low site density at 20% with extensive fully concreted service yards to three elevations.
“There are several short and longer-term asset management opportunities available to our client, and we will be advising Northtree going forward to help maximise the value of the asset.”
The vendor was advised by Michael Kershaw, director at Colliers. He said: “The low site cover, prime North West motorway location and near-term rent review which offered significant reversion really caught the attention of the investment market.
“Fierce bidding through multiple rounds of bids pushed the sale price sub 4% NIY, and we could have sold this property several times over at that price.
“The buyer and seller and their respective professional teams worked well to ensure a smooth transaction and a great result for all parties.”
Neighbouring occupiers include Next, Safestore, Evri and Great Bear.
