The multi-million pound sale of Matalan’s Northern Distribution Warehouse marked the culmination of a successful five-year plan by developer Maro Developments Limited.
The northern distribution hub at Knowsley Business Park has been sold to listed real estate investor Tritax Big Box REIT plc for £42.38m, with JLL and law firm Ward Hadaway advising on the sale.
Maro Developments originally identified the opportunity to purchase the vacant 478,000 square foot, cross-docked Galaxy Distribution Warehouse, at Knowsley Business Park, in early 2010, together with the potential to buy the adjacent site from Knowsley Council, for additional development.
Maro acquired the property on behalf of Delderfield (Knowsley) Limited and entered into a lease with Matalan Retail Limited in 2011.
Following a successful planning process and land assembly, the unit was extended and fitted out in 2013/2014, to provide a prime warehouse, of excellent specification, totalling 577,800 square feet with the addition of ancillary office and welfare facilities, a new access road, extended HGV parking, fuelling island and vehicle wash.
The Distribution Warehouse is part of a larger, highly successful project for Maro at Knowsley Business Park where they have also developed a new high specification office of 132,000 square feet for Matalan, on the adjacent site.
Taken together, these two properties form Matalan’s new National Headquarters; successfully relocating and consolidating their previous facilities from nearby Skelmersdale.
Chris Stroud, Director of Development at Maro Developments, said: “Once again this was a demonstration of forethought, strategy, expertise and teamwork by our advisors JLL and Ward Hadaway, in much the same way as our design and construction teams approached the development of the site.
“Our thanks go to Tritax and their advisors for a seamless transaction carried out in the best of spirits.”