Pioneer Point secures its first tenant

  Royal London Asset Management has secured a first tenant for Pioneer Point – its 625,000 sq ft mega-shed in Cheshire – four years since the building was completed.   Construction management group Interserve has agreed to take 240,000 sq ft of the distribution unit, located at Ellesmere Port, at a rent reported to be around £4 per sq ft on a five-year lease.   The unit was developed by Rosemound on behalf of Royal London and was completed in late 2005.     Pioneer Point was one of the largest speculatively-built sheds in the north of England, making it one of the most prominent vacant industrial units in the country until now.   The letting is one of a flurry of recent shed deals in the North West market.   It comes soon after Blackpool-based discount retailer B&M Retail bought Rockpoint’s 618,000 sq ft The Vault in Speke, Merseyside, for a reported £24 per sq ft.   Logistics firm, the Stobart Group, is also close to securing Gladman’s 360,000 sq ft unit at Manor Park in Runcorn, Cheshire, for around £4.50 per sq ft.   CB Richard Ellis, M3 and Lamont acted for Royal London. Interserve was unrepresented.   daniel.cunningham@estatesgazette.co.uk