Royal London Asset Management has secured a tenant for the bulk of one of the North West’s largest speculatively built industrial units, almost six years after it was completed.
Manchester-based outdoor and leisure clothing retailer Regatta has taken 393,000 sq ft at Pioneer Point in Ellesmere Port, Cheshire, on a 15-year lease at a rent understood to be around £3.90 per sq ft.
The 620,000 sq ft Pioneer Point was developed by Rosemound on behalf of Royal London and was completed in late 2005.
Royal London secured its first tenant in 2009, when construction management group Interserve took 220,000 sq ft at £4 per sq ft on a five-year lease.
Mike Rooney, partner at WHR Property Consultants, which acted for Regatta, said: “This is a fantastic deal not only for Regatta but for the industrial market as, outside of London it is probably the biggest industrial deal so far this year and is a clear indicator that the market is slowly turning.”
CB Richard Ellis acted for Royal London Asset Management.
daniel.cunningham@estatesgazette.com
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