Cut glass deal for M7 Real Estate

Pan-European investor and asset manager M7 Real Estate has let a 162,000 sq ft second hand warehouse on the Carlton Industrial Estate in Barnsley to Ardagh Glass.

The glass manufacturing company, which has facilities in Barnsley, Doncaster and Knottingley, will use the new warehouse for the storage of finished products, prior to customer delivery.

M7 bought the unit and a further unit of 120,000 sq ft, for £4.25 million in June 2016. John Murnaghan, head of UK and Ireland at M7, said: “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.”

The unit was let immediately following the vacation by the previous tenant meaning there was no void period. It was let at £4 per sq ft, almost doubling the previous rental income.

M7 was advised by agent Avison Young.

By Liza Helps