Heywood Distribution Park, Manchester
- Property totalling 202 acres was acquired in June 2003 at a price of £126.5 million (including costs) from Ropemaker Properties, the property nominee of the BP Pension Fund
- Acquired by a special purpose vehicle established by Moorfield Group, Uberior Ventures Ltd (a subsidiary of Bank of Scotland) and Westbrook Partners
- Senior debt facility of £93.6 Million provided by Bank of Scotland Corporate Banking
- The Park has over 2.6 million sq ft of industrial and distribution accommodation with units ranging from 3,500 sq ft up to a total of 600,000 sq ft. Major occupiers include Littlewoods, Argos, JD Sports Kuehue and Nagle and JD Williams. The site cover was very low at 35% and hence the capacity for an additional 1 million sq ft.
- Vacant accommodation on acquisition was 255,169 sq ft in various unit sizes
- The business plan reflected proactive marketing of vacant units following major refurbishment projects, securing occupants significant design and build opportunities and establishing Heywood as the premier park within the North West.
- Additional amenity facilities provided. A new convenience store was developed with lettings to Greggs the Bakers and Aleef Convenience Stores, including cash point facilities
- Secured by design accreditation - 24 hour, CCTV, 2.4m high perimeter fencing of complete site
- Successful launch of new brand and marketing material
- Detailed negotiations with Rochdale council and the Highways agency resulted in the successful agreement of a new site masterplan facilitating a further 1 million sq ft of development. Planning consent was granted for Phase 1, the development of a total of 600,000 sq ft on 2 sites.
- Total lettings during the period of ownership were circa 850,000 sq ft. The letting of the Hub to Next Group was one of the largest lettings in the North West during 2005. The Hub, which measures 500,000 sq ft, was let at a rent of £3.25 psf.
- Sold to Slough Estates in June 2005, together with Woodside, Dunstable