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Sheds set to take off in North West

Sheds set to take off in North West

The North West big sheds market is bracing itself for a flurry of autumn design-and-build deals.

CBRE is predicting design-and-build deals around the region as the supply of good warehouse space diminished.

CBRE’s H1 Logistics Report shows that so far this year a notable absence has been the big box design and build deals that dominated occupier activity throughout 2013. But it predicts that many will be agreed soon at sites including 6-61 Bolton, EPIC Wigan (pictured) and Airport City Manchester.

Data produced by surveyor CBRE shows that just 373,000 sq ft of space was let in the first half of 2014.

Mike Walker, senior director of Industrial Agency at CBRE Manchester, said: “We expect occupier activity to improve into the second half of the year as the success in 2013 at sites such as Omega in Warrington has spurred developers in the region to now consider speculative development.

"At present, all the speculative schemes in the North West are smaller units of less than 100,000 sq ft. An example of this includes Chancerygate’s scheme at S-Park Stockport where a speculative development of 14 units ranging from 1,539 sq ft to 13,261 sq ft available for sale/to let will be completed by the end of the year.

“The lack of transactions in the immediate past means that prime rents in the North West remain at £5.50 per sq ft. This is the level that was achieved last year on the M62 at Warrington. However, the next major D&B is likely to move this headline rent upwards towards the £6.00 per sq ft mark. Indeed already, closer to Manchester on Trafford Park, rents of over £6.00 are now being achieved on units of circa 60,000 sq ft.”

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