The joint venture between Harworth and the Lancashire County Pension Fund has completed their third letting in six weeks at the Multiply development at Logistics North in Bolton.
The latest deal sees the letting a unit of 24,636 sq ft to the Incontinence Shop, the largest stockist of incontinence products in the North West. The tenant has taken a ten-year lease at a rent of £7.50 per sq ft and will be using the unit as a depot for distribution.
This deal follows recently announced lettings with Solus and an unnamed pharmaceutical supplier on ten-year leases for similar size units and leaves just two of Multiply’s nine built units, one of 55,556 sq ft and the other of 149,198 sq ft remaining available for long-term letting.
Tim Powner, asset manager at Harworth Group, said: “Three new lettings in six weeks shows that the North West industrial market remains in good shape and continues to grow.
“Our focus as a joint venture remains getting the final two built units let and levels of demand suggest that we should achieve this in short order.”
The progress of Multiply Logistics North has been impressive given it was only created in May 2017. Since then it has received consent for and built 434,000 sq ft of energy efficient units, letting over nearly 230,000 sq ft of space to seven tenants including rijo42, Hardscape, the PJH Group and UW Homes Services, all on long-term rents with the majority above £7.50 per sq ft.
The completed Multiply units have been built to a specification designed to offer high quality and flexible business space to occupiers. This includes a BREEAM rating of ‘very good’, office space comprising 5-10% of the overall internal area, secure service yards with 38-50 metre depth and bespoke fit out solutions being available.
Joint letting agents are JLL, B8 Real Estate and Knight Frank.