London & Associated Properties PLC (LAP) has expanded its industrial and logistics portfolio with the £2.3m million acquisition of a multi let industrial park in Cheshire.
Adlington Court in Warrington includes two blocks, configured as 18 industrial units.
LAP has acquired 25,251 sq ft in four units between 5,000 and 7,500 sq ft with dedicated yards and car parking and the whole of the common areas of the estate.
All existing units are currently let to tenants including The Lowton Motor Company, A T Plant Services and Drivetrain Ltd.
The acquisition also includes the freehold reversionary interest in a Day Care Centre with grounds on a long lease to Warrington Borough Council.
The park, which was purchased from Cordatus Property, is well located approximately 1 mile from Junction 11 of the M62 motorway, and is popular with tenants particularly because of the excellent connectivity of the location and Warrington’s strong reputation for logistics and warehousing.
Sheffield’s Wake Smith Solicitors acted for LAP with commercial property director Neil Salter handling the acquisition.
John Heller, LAP’s Chief Executive, said: “This acquisition represents significant opportunities for LAP with strong rental demand and a history of owner occupier interest as demonstrated by the units already sold.
“Tenant demand for warehousing across the region is strong, exacerbated by the demands from the pandemic, as the structural changes in the retail sector put increased pressure on the e-commerce, parcel delivery and 3PL storage/distribution companies who need to meet the increasing challenge of getting goods to customers swiftly.
“This, combined with a general lack of new development over recent years, has led to a shortage of available stock of any size in the North West. The continued weight of tenant demand, together with shortage of supply has resulted in strong positive rental growth throughout Warrington and the North
West region, which we expect to continue.”
Neil Salter, head of the commercial property team at Wake Smith Solicitors, said: “We have a very well-established relationship with LAP and we were delighted that LAP chose us to act on this important acquisition for them. It was great to work with John and his team to get the deal over the line in a relatively short period and we look forward to working on the management of this asset.”
