Lancashire Development Update: Andrew Pexton, GVA

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This document provides an overview of the Lancashire industrial market in the UK. It summarizes that Lancashire has a diverse employment base concentrated in sectors like aerospace, packaging, and food. The main industrial locations include Preston, Central Lancashire, Skelmersdale, Blackburn, and Burnley. There is approximately 5.7 million square feet of industrial space available in a range of unit sizes. Notable recent transactions include large leases signed in Skelmersdale, Blackburn, and Burnley. New speculative developments are underway, particularly for larger units, while land and property values are stable. The market remains driven by strong local manufacturing.

Presented by:
Andrew Pexton
Lancashire
Industrial Market Overview

Overview
− Diverse County
− Employment – above national and regional % in employment
– above national and regional % in employment
− Rail – West Coast mainline
− Road – extensive motorway network
Lancashire Industrial Market
2

Main Employment Sectors
− Aerospace
− Packaging
− Paper
− Food
− Fashion
− Energy
Lancashire Industrial Market
3

Main locations
− Preston – Main CNT/HCA locations are built-out.
Emerging locations are Preston East/Red Scar
− Central Lancs – Buckshaw Village/Revolution
Lancashire Business Park/Farrington
−Skelmersdale – Stanley
Gillibrands
Pimbo
Lancashire Industrial Market
4

Main Locations
− Blackburn Shadsworth
Roman Road
Walker Park
Whitebirk/Frontier
− Burnley Network 65/Rossendale Road
Heasandford
Burnley Bridge
− Fylde Squires Gate
Whitehills
Poulton Industrial Estate
Lancashire Industrial Market
5

Supply
− Approx. 5.7m sq ft of built stock available
− Unit sizes range from 200 sq ft to 322,000 sq ft
Lancashire Industrial Market
6
To Let
For Sale
1.9m
3.8m

Supply
− 62% of stock is less than 10,000 sq ft ; 85% of stock is less than 25,000 sq ft
Lancashire Industrial Market
7
1.9m
3.8m
Over 200k
150 - 200k
100 - 150k
50 - 100k
25 - 50k
10 - 25k
5 - 10k
2.5 - 5k
1 - 2.5k

Market Activity
− Transactions over 100,000 sq ft
− Skelmersdale – Accrol Papers 368,000 sq ft
− Blackburn – Mardix Holdings 110,000 sq ft
− Burnley Bridge – Fagan and Whalley 100,000 sq ft
− Lower Darwen – Vampire Vapes 115,000 sq ft
Lancashire Industrial Market
8

Speculative Build
Big Shed Development
− Frontier Park, Blackburn – 185,500 sq ft
− Sigma 110 Blackburn – 110,000 sq ft
Smaller Unit Development
− Vision Park, Burnley
− The Hub, Darwen
− Eaton Avenue, Chorley
− Various Blackpool
Lancashire Industrial Market
9

Rents and Capital Values
− Land values - £200,000 - £300,000 per acre
− Capital values – New build £85 - £120 psf
Modern existing £55 -£90 psf
− Rental Values – New build £5.50 - £7.50 psf
Modern existing £4.50 - £6.50 psf
− Lease Terms – Generally 5 to 10 years
− Rent Free Period – Rent free periods reduced to 3 to 9 months
Lancashire Industrial Market
10

New Development Sites
− Preston – Preston East/Red Scar
− Central Lancs – Cuerden
− West Lancs – G Park and Simonswood
− Blackburn – Frontier Park
− Burnley – Burnley Bridge
Enterprise Zones
− Lancashire Advanced Manufacturing and Engineering Enterprise Zone
− Blackpool Airport Enterprise Zone
Lancashire Industrial Market
11

Summary
− Lancashire has a strong and diverse employment base
−Existing market has benefitted from ex CNT stock in certain areas
−New build development is only viable by establishing higher pricing
−Occupiers need to be able accept/afford the higher pricing
−Regional motorway network has enabled locations to thrive
−Market focus is for a larger number of sub 25,000 sq ft reqts
−There are a number of deliverable high quality regional / sub regional sites
−There is still a need for more stock to increase the liquidity in the market
−The market continues to be driven from a strong manufacturing base
Lancashire Industrial Market
12

GVA
GVA is the trading name of GVA Grimley Limited. ©2018 GVA
If there is anything you
would like to discuss within
this presentation please get
in touch.
Andrew Pexton
0161 956 4207
andrew.pexton@gva.co.uk
Norfolk House , Norfolk Street, Manchester, M2 1DW

Presented by
GVA
GVA is the trading name of GVA Grimley Limited. ©2018 GVA
Thank you
Andrew Pexton
Director
Norfolk House, Norfolk Street, Manchester , M2 1DW

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