Commercial Property News

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Tuesday, May 27, 2023

Kilmartin Property Group active in Merseyside industrial lettings

Kilmartin Property Group has this week let over 330,000 sq ft of industrial warehouse space at Moorgate Point, Knowsley, in Merseyside and sold its Royal Mail distribution unit at nearby Trinity Park, Bootle.

Kilmartin has re-let the 333,000 sq ft (30,937sq m) warehouse premises at Moorgate Point, its 500,000 sq ft (46,452 sq m) multi-let office and distribution park in Knowsley, to existing tenant Kammac plc. The storage and distribution provider has taken the space at a rent of 889,740 per annum, on a new six-year lease. Other occupiers at the park include Knowsley MBC, The Health Protection Agency, Impact Safety Glass, JJ Smith, Delta Northern Ltd, SIM Ltd, AMF Automation Technologies, Lawrence David trailers and Delta Northern Pressings Ltd.

In the same month, Kilmartin has also confirmed the sale of a 12,000 sq ft (1,115 sq m) unit on its 22-acre (8.9 hectare) Trinity Park development in Bootle. The unit, which Kilmartin developed last year and pre-let to the Royal Mail, has been sold to Pendleville Ltd for 1 million, reflecting a net initial yield of 6.52%. The unit is let to Royal Mail on a 15-year lease at a rent of 69,000 per annum.

Mark Ridehalgh, director of Kilmartin Property Group, comments: "These deals reflect the continuing strength of the local industrial occupier market and a healthy appetite by investors for quality stock let to good covenants."

Mason Owen acted for Kilmartin in the sale of the Royal Mail unit.