Clothing retailer Next has completed the largest letting in the North West this year, taking 95,000 sq ft at Winwick Quay in Warrington, Cheshire.
The company has taken PPG Land’s Calver 9, a distribution warehouse located within a quarter mile of Junction 9 of the M62, on a 15-year lease without breaks at an initial rental of £3.85 per sq ft, subject to a minimum fixed uplift at year five.
The unit was originally purchased on a vacant possession basis by PPG Land and subsequently refurbished.
Steve Johnson, partner at King Sturge Manchester, which advised PPG on the acquisition and subsequent letting, said: “Calver 9 is one of the few distribution units available in a prime logistics location with good specification and appropriate size matching current occupier requirements.
“As such, we were always confident of achieving a successful disposal. Concluding a letting to a household name on a straight 15-year lease reinforced our initial views that there is still a market for units where the fundamentals of specification and location are right.”
King Sturge acted with Davies Harrison on behalf of PPG Land; Next was represented by Cushman & Wakefield.
