Wake Smith helps LAP add Warrington industrial park to its portfolio
Sheffield’s Wake Smith Solicitors has supported London & Associated Properties PLC (LAP) expand its industrial and logistics portfolio with the £2.3m acquisition of a multi let industrial park in Cheshire.
Neil Salter, head of the commercial property team at Wake Smith Solicitors, said: “We have a very well-established relationship with LAP and we were delighted that LAP chose us to act on this important acquisition for them.”
Adlington Court in Warrington includes two blocks, configured as 18 industrial units. LAP has acquired 25,251 sq ft in four units between 5,000 and 7,500 sq ft with dedicated yards and car parking and the whole of the common areas of the estate.
All existing units are currently let to tenants including The Lowton Motor Company, A T Plant Services and Drivetrain Ltd.
Wake Smith acted for LAP with commercial property director Neil Salter handling the acquisition which also includes the freehold reversionary interest in a Day Care Centre with grounds on a long lease to Warrington Borough Council.
John Heller, LAP’s Chief Executive, said: “This acquisition represents significant opportunities for LAP with strong rental demand and a history of owner occupier interest as demonstrated by the units already sold.
“Tenant demand for warehousing across the region is strong, exacerbated by the demands from the pandemic, as the structural changes in the retail sector put increased pressure on the e-commerce, parcel delivery and 3PL storage/distribution companies who need to meet the increasing challenge of getting goods to customers swiftly.
“This, combined with a general lack of new development over recent years, has led to a shortage of available stock of any size in the North West. The continued weight of tenant demand, together with shortage of supply has resulted in strong positive rental growth throughout Warrington and the North West region, which we expect to continue.”
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