The industrial agency team at property advisor JLL has let a new 95,980 sq ft distribution unit in Heywood on behalf of Aviva Investors, the global asset management business of Aviva plc. The unit was developed on a speculative basis in a joint venture between Aviva Investors and Graftongate, the industrial developer.
McCormick, the international herb and spice manufacturer listed on the New York Stock exchange, has taken a 10-year lease on the property called Link95, paying a rent of £6.35 per sq ft. It plans to retain the 145,000 sq ft manufacturing unit it occupies in Littleborough, Rochdale, and use Link95 as additional distribution space in the region.
The unit is located on Hareshill Distribution Park in Heywood and is within two miles from the M66. Neighboring occupiers include Yearsley Group and Martin Brower.
Richard Johnson, director at JLL in Manchester, said: “There is robust demand for units of Link95’s size and quality in prime locations, which continues to outstrip Grade A supply in the region. McCormick’s requirement was for high quality distribution space in North Manchester to store packaged sauces that are manufactured at their Littleborough facility and supplied to McDonald’s. Link95 satisfied their requirement well due to the institutional Grade A specification, excellent motorway links and close proximity to their existing properties in Heywood and Littleborough. After successfully pitching for this instruction, we are delighted to have secured McCormick at Link95, who have a 5A1 covenant strength, on mutually satisfactory lease terms.”
Colin Lawrence-Waterhouse, Asset Manager at Aviva Investors, said: “Link 95 is a new, detached distribution unit built to an extremely high specification and benefits from excellent motorway access. Acquiring high quality logistics assets such as Link95 through new development or refurbishment of existing buildings aligns with our client’s strategy of investing in quality assets in core locations. Greater Manchester is a core market for Aviva Investors and a location where we have strong appetite for speculative development. We are delighted to have secured a long-term let to the global manufacturer McCormick and look forward to building a strong relationship with them.”
Rochdale Borough Council and Rochdale Development Agency (RDA) both supported McCormick with their expansion. JLL and BC Real Estate are joint agents on the scheme advising Graftongate and Aviva Investors.