Preston logistics scheme sells for £30m

A 223,000 sq ft logistics scheme in Preston has been bought from its developers for £30m.

EAST, which sits by Junction 31A of the M6, has been acquired by Titan Investors from HBD and Barnfield.

Two speculatively built units of 63,000 sq ft and 59,000 sq ft were completed in December 2021 and have been let to DHL and DPD. A third, 30,000 sq ft building will be developed by Titan.

Dan Lawrenson, senior development manager at HBD, said: “EAST is extremely well-located, which has driven strong interest from occupiers looking for prime logistics space. The scheme offered an excellent investment opportunity for Titan on the back of the DPD and DHL deals, with the deal completing on the last working day of 2022.

"This has been another very successful project with our JV partner, Barnfield, and demonstrates the continued demand for well-located Grade A industrial and logistics space."

Tracy Clavell-Bate, head of development and acquisitions at Barnfield Group, said: “We knew when the 18-acre site came to the market that it would be in great demand. It has been a very rewarding project to work on from concept master planning, construction, lettings and completing the sale and all within three years.”