Harworth Group and its joint venture partner, Knight Frank Investment Management have let Unit F2/G, a 149,300 sq ft Grade A warehouse unit at Multiply Logistics North.
Multiply is the commercial development scheme at Harworth’s Logistics North site in Bolton, and provides more than 430,000 sq ft of warehouse space across nine units and over six acres of development land, with consent for a further 131,000 sq ft unit.
Multiply is being delivered through a joint venture established in May 2017 between Harworth and the LPPI Real Estate Fund, managed by KFIM.
Harworth received outline planning consent for Logistics North, one of the biggest commercial developments in the North of England, in December 2013.
More than 5,500 people are now employed on the site by occupiers including Aldi, Whistl, MBDA, Greene King, Costa and Komatsu. On completion of the development and asset management programme, the scheme will deliver more than 7,000 jobs and add around £300m per annum in Gross Value Added to the Greater Manchester economy.
B8 Real Estate, Jones Lang LaSalle (JLL) and Knight Frank are acting as joint agents for Multiply.
Steven Knowles, Regional Director – North West, Harworth commented: “This is another significant milestone for Multiply Logistics North. The quality of the tenant mix and speed at which we have been able to complete lettings reflects the high specification of the individual units and accessibility of the scheme, and the shortage of suitable warehouse space in the North West, as well as Harworth’s market-leading ability to remediate and transform brownfield and unused land.
"We are already under offer on the final 50,800 sq ft unit at Logistics North, which was developed by Harworth and completed in May.”
John Styles, Partner at Knight Frank Investment Management, added: “The pandemic and structural changes in the retail market have driven robust demand for the units at Multiply Logistics North, which has translated into new lettings activity at attractive rental levels. It is now one of the premier commercial schemes in the North West. As well as generating attractive financial returns for the JV partners, the development meets high environmental and social standards, having delivered hundreds of new jobs for Bolton and Greater Manchester.”
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