Harworth Group plc, a leading regenerator of land and property for development and investment, and its joint venture partner, Knight Frank Investment Management (“KFIM”), are pleased to announce that they have let Unit F2/G, a 149,300 sq ft Grade A warehouse unit at Multiply Logistics North (“Multiply”).
Multiply is the commercial development scheme at Harworth’s Logistics North site in Bolton, and currently provides over 430,000 sq ft of high-quality warehouse space across nine units and over six acres of development land, with consent for a further 131,000 sq ft unit. The scheme is let to a diverse mix of regional and national occupiers, with unit specifications that include a BREEAM rating of ‘Very Good’, office space comprising 5-10% of the overall internal area, and secure service yards with 38-50 metre depth. Multiply is being delivered through a joint venture established in May 2017 between Harworth and the LPPI Real Estate Fund. As investment advisor, KFIM manages the direct assets of the LPPU Real Estate Fund.
The joint venture has now concluded five new leases at Multiply since the end of 2019, following agreements with PJH Group, Solus, the Incontinence Shop, and a pharmaceutical supplier. With the completion of this letting at Multiply, just one 50,800 sq ft unit, LN50, remains available at Logistics North. LN50 was developed by Harworth and was designed, built, and future-proofed to allow it to be Net Zero Carbon in operation. The unit reached practical completion in May 2021, concluding Harworth’s build-out of Logistics North, and is already under offer.
Harworth received outline planning consent for Logistics North, the largest live commercial development in the North West of England, at the end of December 2013. Over 5,500 people are now employed on the site by occupiers including Aldi, Whistl, MBDA, Greene King, Costa and Komatsu. On completion of the development and asset management programme, the scheme will deliver over 7,000 jobs and add around £300m p.a. in Gross Value Added to the Greater Manchester economy.
B8 Real Estate, Jones Lang LaSalle (JLL) and Knight Frank are acting as joint agents for Multiply.
“This is another significant milestone for Multiply Logistics North. The quality of the tenant mix and speed at which we have been able to complete lettings reflects the high specification of the individual units and accessibility of the scheme, and the shortage of suitable warehouse space in the North West, as well as Harworth’s market-leading ability to remediate and transform brownfield and unused land. We are already under offer on the final 50,800 sq ft unit at Logistics North, which was developed by Harworth and completed in May.”Steven Knowles, Regional Director – North West, Harworth Group plc
“The pandemic and structural changes in the retail market have driven robust demand for the units at Multiply Logistics North, which has translated into new lettings activity at attractive rental levels. It is now one of the premier commercial schemes in the North West. As well as generating attractive financial returns for the JV partners, the development meets high environmental and social standards, having delivered hundreds of new jobs for Bolton and Greater Manchester.”John Styles, Partner, Knight Frank Investment Management