Oceanic Estates, advised by industrial specialist LM6, has let The Cube at Whitehouse Industrial Estates, Preston Brook in Runcorn to international healthcare company Movianto UK Ltd.
The entire 152,871 sq ft facility, which was the former Baldwin Filters regional distribution facility, has been let to Movianto on a three year FRI lease at a rent equivalent to £6.50 per sq ft.
Phil Morley, director at LM6 comments: “The industrial sector continues to lead the UK property investment market, posting one of the strongest take up figures on record for 2018. The investment strategy for The Cube was underpinned by strong occupier demand which has been driven by e-commerce, a structural change in our shopping habits fuelling demand for large scale logistics units and demand for warehousing as a direct result of Brexit planning.”
He continues: “The letting of The Cube reflects these market dynamics. It is the one of the largest big box lettings of the year and comes within just weeks of its speculative purchase by our investor client Oceanic Estates. We were able to achieve a premium rent for the facility due to the strength of occupier demand and restricted supply in the region.”
Cushman & Wakefield, Savills and LM6 Commercial Property acted for Oceanic. Movianto were advised by ACR.
