Walker Industrial Estate acquired by American firm
Walker Industrial Estate, which sits by Junction 5 of the M65 in Blackburn, has been acquired by a San Francisco-based investor.
The site has been purchased by 4th Industrial, backed by TPG Real Estate Partners of the United States, which currently has approximately $6.4bn of assets under management.
Walker Industrial Estate is home to eight fully-let units totalling 324,340 sq ft of space with a total annual rental income of £1.49m. Tenants include Wincanton, Perspex International, Steel Dynamics, NeoNickel (Blackburn), Pentland Wholesale and Carlisle Interconnect Technologies.
The 21.3-acre site was once home to Walker Steel, the business empire led by the late Blackburn Rovers owner Jack Walker. Following the sale of the business to British Steel in 1989, the site was redeveloped by the Walker family.
B8 Real Estate acted as agents for the buyer. The vendor was a client of CBRE Investment Management, advised by M1 Agency.
Simon Wood, head of investment at B8 Real Estate, said: "We are delighted to have been able to secure this high-quality industrial park for our client in the face of tough competition. Lancashire has a vibrant industrial base which is driving demand for space all along the M65 corridor from Chorley to Blackburn. We particularly liked the Walker estate because of its excellent layout and the opportunities to add value.
"This deal demonstrates the way in which major overseas investors are increasingly willing to look beyond the M6 corridor and make significant investments in industrial areas like Blackburn. As such, it represents a significant vote of confidence in the North’s economy."
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