Developers secure £4m deal on new park plot
ROCHDALE Kingsway has scooped its first deal at the mighty motorway logistics scheme’s latest 11-acre speculative phase.
Developers, the Kingsway Partnership and Ropemaker, have secured their first occupier for ‘Plot K’ at the 420 acre Kingsway Business Park.
Cleland McIver Lifestyle has acquired a 40,000 sq ft warehouse as part of its ongoing expansion strategy in a deal that is worth close to £4m.
With its headquarters based in Smithy Bridge, Cleland McIver Lifestyle is a key supplier of household textiles to Dunelm, controlling the whole supply chain from sourcing new products to same-day distribution. The 11-acre Plot K is a four-unit speculative phase of Kingsway Business Park, one of the largest business parks in the north west.
Units range from 35,000 sq ft to 75,000 sq ft.
Around 140 acres remains to be developed at Kingsway, which is close to junction 21 of the M62 motorway.
The deal comes as Barclays Corporate Banking and Moore Stephens publish data on the health of the UK logistics sector.
Four in 10 logistics operators say they are likely to make an acquisition over the next 12 months.
The report says that the potential for value added services, greater collaboration through M&A and the new opportunities presented by technology, were all reasons for operators to feel optimistic.
This will hearten landlords, developers and investors who have been pouring money into logistics property in the north west over the last 36 months.
It could also mean deals progress for the 216,410 sq ft warehouse at Kingsway which is currently on the market.
The business park is already home to a number of high-profile occupiers, including Asda, JD Sports, CR Laurence, Source Bio-Science, Takeuchi MFG, Edmund Bell and EON.
Paul Daye, of joint agents P3 Consultancy, said: “Cleland McIver Lifestyle is an ambitious and successful local business that had been looking to expand its operations and was keen to remain within the area.
“Plot K is an important phase of Kingsway Business Park as it provides immediate occupation solutions for the north west logistics and manufacturing market.”
Jones Lang LaSalle, P3 and Colliers are the retained agents for Kingsway.