1 Aug 2017
M7 achieves new record rent in South Lancashire
London, 1 August 2017 – M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that, acting on behalf of a major financial institution, it has secured the letting of over 63,000 sq ft of warehouse accommodation to Pallet-Track at the South Lancashire Industrial Estate in Ashton, Makerfield.
Pallet-Track, the UK’s fastest growing overnight-palletised freight network has agreed a 10 year lease at £330,000 pa, equating to £5.17 psf, setting a new headline rent for refurbished secondary space in the area, reflecting both strong demand and limited supply in the region. The significant refurbishment and reconfiguration of the unit by M7 following the lease expiry of the previous tenant, provides a more modern and useable space that benefits from strong links to the M6 and is in close proximity to Wigan, Liverpool and Greater Manchester via the A580.
Pallet-Track was founded in 2004 in Wednesbury near Staffordshire, before relocating to a new 267,000 sq ft Central Hub in Wolverhampton in 2008. This new 63,000 sq ft unit in Lancashire represents the business’s first in the region and is a part of its plans to expand across the UK.
John Murnaghan, Head of UK Real Estate at M7 commented: “The comprehensive refurbishment and improvement of the asset has repositioned it in the market to meet the demands of logistics operators. M7 began the refurbishment in January this year and the letting to Pallet-Track crystallises a 55% uplift against the previous rent demonstrating the strong demand for this type of quality product.” B8 Real Estate acted for M7 Real Estate.