National property consultancy Carter Jonas has acquired leading Midlands industrial and logistics agency, McGuinness Waddington Real Estate Ltd (MWRE), as part of a drive to enhance its commercial presence in the region and strengthen its national transactional capability. MWRE founders and industrial experts Nick Waddington and Adam McGuinness join Carter Jonas as partners.
Specialising in the Midlands industrial and logistics market, the duo has more than 45 years of combined experience, advising numerous developer, investor, landlord and occupier clients – delivering strategic advice across the multi-let, Mid Box and Big Shed market sub-sectors.
Their track record includes some of the region’s most significant industrial transactions, including the 411,613 sq ft letting of MP411 Magna Park to Amazon on behalf of Bentall Green Oak, a 437,054 sq ft lease with Asos at Fradley Park on behalf of AEW UK and Allianz and the disposal of 580,000 sq ft at M&G’s Imperial Park scheme in Coventry.
Having co-founded MWRE in 2015, Waddington previously led the National Industrial and Logistics Team at BNP Paribas Real Estate. This followed positions at CBRE, Knight Frank, Holley Blake and Gerald Eve where he gained significant knowledge of the Golden Triangle and wider Midlands and national industrial market.
Prior to establishing MWRE, McGuinness held roles within JLL and BNP Paribas Real Estate. Acting on behalf of landlord and occupier clients to dispose and acquire existing and new build/development stock, his experience has expanded into various active regions outside of his core Midlands market where he is considered one of its top agents.
The pair will be based out of Carter Jonas’ Birmingham office at Two Snowhill, working alongside Caroline Penn-Smith, who joined the firm as a partner in 2018 to expand its commercial operations in the Midlands.
Scott Harkness, Head of Commercial, Carter Jonas said: “It is a pleasure to be joining forces with Nick and Adam as we welcome them to our growing team. Recognised as leaders in their field, we seized the opportunity to attract them to join our industrial team. Both Nick and Adam have played a key role in shaping the landscape of the region’s industrial market and are renowned for their expertise and personable approach.
“Despite the challenges of the last two years, we see investment in people and our ability to deliver a stronger and broader commercial service offering for clients nationally as key to our future success. Alongside our existing team, I look forward to working with Nick and Adam and harnessing their insight and knowledge of this vibrant and diverse market. As we continue to grow the transactional arm of our business, our Birmingham office provides an excellent platform to increase our reach across the UK, sourcing new opportunities and forging new service lines.”
Nick Waddington commented: “After six phenomenal years MWRE had reached a natural cross roads much sooner than Adam and I had expected with the approach from Carter Jonas coming at an opportune time. We believe this is a natural fit for the two businesses in terms of our respective client and land relationships which we will work to further expand the Carter Jonas Commercial Agency offering.”
Adam McGuinness commented: “Nick and I are looking forward to joining the Carter Jonas team and will be working to unlock opportunities for both our existing and new clients not only in the Midlands but throughout the UK. The industrial and logistics sector continues to outperform the rest of the UK property market and there appears to be little sign of this changing in the near future. Availability of land is going to be key and we feel we are now even better placed to service this demand.”
Carter Jonas established a Birmingham office in 2016 with 12 people, motivated by its commitment to supporting clients in and around Birmingham and the Midlands. In September 2020, the firm moved to a new, larger space in the city, having secured several new key contracts and grown its business to more than 120 people.