Historic Walker industrial site sold
4th Industrial, a new investor backed by TPG Real Estate, has acquired the Walker Industrial Estate in the M65 corridor near Blackburn.
The investor, which was founded in February this year by Derek Heathwood, bought the site from CBRE IM for an undisclosed sum after it was marketed for sale for £28m.
The 21.3-acre industrial estate was previously home to Walker Steel, the business empire led by Blackburn Rovers owner Jack Walker. Following the sale of the business to British Steel in 1989, the site was redeveloped by the Walker family.
4th Industrial, a new investor backed by TPG Real Estate, has acquired the Walker Industrial Estate in the M65 corridor near Blackburn.
The investor, which was founded in February this year by Derek Heathwood, bought the site from CBRE IM for an undisclosed sum after it was marketed for sale for £28m.
The 21.3-acre industrial estate was previously home to Walker Steel, the business empire led by Blackburn Rovers owner Jack Walker. Following the sale of the business to British Steel in 1989, the site was redeveloped by the Walker family.
The estate currently houses eight fully-let units totalling 324,340 sq ft of space, with a total annual rental income of £1.5m. Tenants include Wincanton, Perspex International, Steel Dynamics, NeoNickel (Blackburn), Pentland Wholesale and Carlisle Interconnect Technologies.
In under a year, 4th Industrial has grown a light industrial portfolio, including Long Crendon Industrial Estate in Thame, Alpha Business Park in Birmingham, Ashroyds Business Park in Barnsley, Melford Court in Warrington, Faraday Park in Swindon and Ringway in Huddersfield.
Simon Wood, head of investment at B8 Real Estate, said: “This deal demonstrates the way in which major overseas investors are increasingly willing to look beyond the M6 corridor and make significant investments in industrial areas like Blackburn. As such, it represents a significant vote of confidence in the North’s economy.”
B8 Real Estate advised 4th Industrial. M1 Agency advised CBRE IM.
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