LGIM Real Assets (Legal & General) has let two units totalling 79,850 sq ft at Blackrod Industrial Estate in Bolton on behalf of its Industrial Property Investment Fund (IPIF). Joint agents are JLL, Knight Frank and CBRE.
The Bathroom Distribution Group has taken the 62,499 sq ft warehouse unit at the estate on an agreement for lease, while Gemini Kitchens will occupy 17,351 sq ft. Both businesses have agreed ten-year leases at the site.
The deals mean just one 43,878 sq ft unit remains available and is due to undergo an extensive programme of refurbishment works. The estate is located on Station Road, approximately 1.5 miles from the M61 via junction 6.
Tim Packer, Assistant Fund Manager at LGIM Real Assets, said: “These strong lettings are testament to our teams’ active asset management skills. Blackrod has become a popular place for industrial and trade occupiers and we have already received a lot of interest for the final unit.”
Robert Kos, Senior Surveyor at JLL, said: “As a result of the IPIF’s rolling refurbishment programme, both units were refurbished to a high standard, making Blackrod an attractive new base for these businesses.”
Launched in 1997, IPIF was one of the first indirect specialist real estate funds and has become a leader in its sector, having outperformed its benchmark, the IPD Quarterly Industrial Benchmark, over three, five, 10,15 and now 20 years. IPIF was the best-performing unlisted property fund over one, three and five years, according to the AREF/MSCI (IPD) UK Quarterly Property Fund Index 2017. The Fund aims to acquire well located, good quality multi-let assets primarily in London and the South East. IPIF has more than £2bn assets under management. The fund is managed by LGIM Real Assets, with asset management services provided by JLL.
