Manchester Warehouse flies off the shelf

A 33,000 sq ft warehouse on Europe’s largest industrial estate has gone from vacant to refurbished and re-let in just 6 months as demand continues to outstrip supply in the North West, according to national property consultancy Lambert Smith Hampton (LSH).

The premises on Kestrel Road were let to a private client already based in the area.

John Sullivan, head of industrial and logistics at LSH in Manchester said: “Kestrel Road is prime location on one of the UK’s premier industrial estates, so there was always likely to be strong interest. The fact LSH were able to secure a new tenant before the refurbishment had even been completed demonstrates the strength of the market at the moment.”

The previous tenant at Kestrel Road gave notice to leave the building at the end of April 2015. LSH’s industrial team was instructed to market the property and the building consultancy team was appointed to oversee the refurbishment.

John added: “The speed with which we were able to re-let Kestrel Road is indicative of a wider trend in the North West. There is a real lack of good quality stock available and few new builds being constructed. Given the corporate occupiers we are talking to we expect to see an increase in speculative development in the coming months as the demand is there to warrant it.”

The unit at Kestrel Road consists of 27,646 sq ft of modern warehouse space, with 5,345 sq ft of office space. It includes three phase electricity, concrete floor and 7m eaves and as well as a separate reception area. The building is also managed by LSH on behalf of their retained management client.

In July, LSH’s UK Investment Transactions report found that investment in commercial property in Manchester is up by 13 per cent compared to the first half of 2014, with 225 million pounds invested in Manchester during the second quarter of 2015.