Newly-built Preston industrial site bought in £30m deal

HBD and Barnfield have sold EAST, a 223,000 sq. ft. logistics scheme off Trefoil Way to Titan Investors.

Titan has acquired three fully let buildings and the final development plot, with an overall scheme WAULT (weighted average unexpired lease term) in the region of 16 years.

What’s the background?

The deal follows recent pre-lets with DHL and DPD at the scheme, taking 63,000 sq. ft. and 59,000 sq. ft. respectively, with the developer now on site with both units.

The first phase, built speculatively, completed in December 2021 and was fully let within three months, securing deals with three tenants across 70,000 sq. ft. The final 30,000 sq. ft. building will be developed directly by Titan.

"Extremely well-located”

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.”