Clearbell Renews Lease at Bury Point, Manchester, to Morrisons on 9-year Term
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital, today announces that it signed a new lease at Bury Point, Manchester, to Morrisons for a 9-year term to November 2027.
Bury Point comprises 151,000 sq. ft of logistics space 10 miles north of Manchester city centre. The tenant will use the space for its new wholesale business distribution.
Clearbell acquired Bury Point in May 2014 with the benefit of a lease to Morrisons until November 2018, as part of its Nevado portfolio, an aggregated portfolio of high-yielding logistic/distribution warehouses, with plans to pursue tenancy agreements for well-located logistics assets.
The asset is based in an established industrial location north of Manchester centre. It provides good transport links to both the M66 and M60, with Manchester airport 16 miles away.
Dominic Moore, Head of Asset Management at Clearbell, said: “Our plan for the Nevado portfolio was to take advantage of retailers’ need for additional flexibility from their logistics space, have borne fruit in key locations such as Manchester. Prime space like Bury Point will continue to be popular with retailers seeking greater logistics capacity to service customer demand.” Bury Point is the only remaining asset from the Nevado portfolio, where seven out of eight assets were sold to a private equity fund in October 2016.The property is now being marketed for sale with the benefit of the new lease in place. BC Real Estate and DTRE are acting as selling agents.