Despite the unpredictable economic backdrop, the multi-let industrial market in the north west has remained robust and we enjoyed a strong second quarter.
Portfolio update
We completed 25 new lettings, along with 22 lease renewals and five rent reviews, a clear indication of ongoing demand for well-located industrial space.
Among the most notable deals was the 22,500 sq ft letting of Unit 4 at Park Works to indoor football operator Kix, and the letting of the former Bank Corner public house at our Alsager retail parade to a national pharmacy chain. Both lettings involved changes of use and investment in fit out, which will greatly enhance the look, feel, and vibrancy of these assets for both occupiers and their customers.
Refurbished units in prime locations continue to drive leasing activity, with occupiers placing a premium on high-quality space with excellent connectivity. Our ongoing investment in upgrading our buildings, particularly those near key transport infrastructure, continues to pay off.
A highlight this quarter was the wholesale refurbishment of Far Green Industrial Estate in Stoke-on-Trent. The last remaining unit, Unit 10, was let to Transform Hub, bringing the revitalised estate to full occupancy. The unit underwent partial demolition and rebuild to meet modern occupier requirements, and the result is a high-quality space we’re proud to welcome the gym into.
Market outlook
In a further boost to sentiment, borrowing costs have eased slightly – from 4.50% to 4.25% – following a fall in inflation. As inflationary pressures ease and monetary policy begins to loosen, we are optimistic about continued growth in our sector, supported by resilient occupier demand.
Team news
We have continued to strengthen our team with a new appointment during the quarter and we expect to be able to share news of another new hire in Q3.
Away from the day-to-day, our team enjoyed the chance to catch up with clients and contacts at events including the Grand National, Chester Races and a sun-soaked Edgbaston. A well-deserved break from a busy and productive few months.
