Poundworld takes last major M62 warehouse
JLL says a recent deal at Normanton underlines the strength of the M62 logistics market – following the leasing by Poundworld Retail of a 215,000 sq ft warehouse at Axis 62 near Junction 31 of the motorway, there are no new units available in the J31/M62 area, the group says.
The budget retailer has taken the unit – the largest available at Yorkshire’s main warehousing and distribution base – as part of a national expansion drive. The 10-year lease has a five-year optional break clause and rent of £4.25 per sq ft. Office space forms part of the property and this is being extended before the retailer moves in later this year.
Richard Harris, a partner in JLL’s industrial agency team, who brokered the deal with Ian Greenwood of Carter Towler, said: “This significant deal once again underlines the strength of the M62 logistics market, where there are now no new units available.” He added that the transaction underlined the importance of the budget retail sector in the current economic climate and the demand existing in the logistics sector.
Ian Greenwood said that occupier demand in the industrial and logistics sector had “steadily increased” since the start of the year. However, he noted that in order for deals to be concluded, the fundamentals remained “good location, a good building and flexibility on all sides”.
