M7 Real Estate, (“M7”) the pan-European investor and asset manager, has on behalf of M7 REIP V (the “Fund”) completed the leasing of a 162,000 sq ft warehouse unit at Carlton Industrial Estate in Barnsley, to Ardagh Glass.
Ardagh Glass, who have production facilities in Barnsley, Doncaster and Knottingley, will use Unit 24 for the storage of finished products, prior to customer delivery.
The Fund acquired this unit and a further unit of 120,000 sq ft, in 2016. John Murnaghan, Head of UK and Ireland at M7 commented: “The Fund acquired the property three years ago. At the time we identified that there was, and there continues to be, a significant shortage of larger, second hand warehouse availability across Yorkshire which means for occupiers not requiring brand new premises with associated higher rents, their choice has been limited.
"We are delighted that Unit 24 was let immediately following the vacation by the previous tenant thereby avoiding any void period at a rent of £4.00 per sq ft, almost doubling the previous rental income. Ardagh Glass are a very successful business with significant operations in the area, and we are pleased to have attracted them to this unit.”
M7 was advised by agent Avison Young.