3PL Snaps Up Preston Warehouse

North West-based 3PL HPH has taken Moorcot property’s 130,000 sq ft Alpha warehouse at Walton Summit Road, Walton Summit, Preston.

The facility comprises a modern high bay warehouse with 24 loading access doors in a prime location on the established Walton Summit business centre at the confluence of the M65, M6 and M61 motorways at Preston Lancashire. Following a lease expiry of 31 May the building was re-marketed by the landlords through joint letting agents Morgan Martin and Aherne Property Consultants and let on 1 August 2016.

Charles Bell of Morgan Martin said: “There was significant interest in the property prior to the existing lease expiring and as a result have been able to agree a new letting quickly to a North West third-party logistics operator who will be running a dedicated contract from the building. A new lease was agreed at close to the asking terms of £3.95 per sq ft. ”

Andrew Aherne of Aherne Property Consultants said: “We also received freehold offers for the property but Moorcot’s preference was to let the accommodation and the level of interest in this premises demonstrate the resilience of the industrial market and reinforces the popularity of Walton Summit from occupiers and investors alike.”

Chris Swarbrick of Moorcot Property said: “We acquired this property in the knowledge there was a lease expiry but were confident of being able to relet the property based upon the specification and location. As a result, we have managed to add significant value to this asset which will continue to provide future asset management opportunities both in terms of rental and capital growth. We have also agreed terms to let a yard on our adjoining asset, Four Oaks business Park which is already fully let, to support the growth and expansion of the utility company based on the estate. This reinforces our confidence in the location which has an extremely limited supply therefore maximising growth opportunities.”