CBRE Investment Management Acquires Former BT Call Centre, Warrington from TT Group
CBRE Investment Management has simultaneously exchanged and completed the acquisition of the freehold of an industrial site at 110 Europa Boulevard, Warrington from TT Group.
The 8.5-acre site is located on the Gemini Business and Trade Park, two miles north-west of Warrington town centre. The property comprises a self-contained 120,360 sq ft warehouse with a separate yard area to the east. It was formerly used as a call centre by BT, but the company handed the site back to TT Group in August 2021, upon its relocation to Birchwood. In September 2021, TT Group secured full planning permission for a flexible Use Class E (Commercial, Business and Service), B2 (General Industrial) and B8 (Storage and Distribution).
CBRE Investment Management will refurbish the property, with a focus on enhancing its environmental credentials. Planned works include the installation of electric vehicle (EV) charging points and solar panels on the roof; CBRE Investment Management will target a minimum BREEAM rating of ‘Very Good’.
The asset is well-located to attract new occupiers. Warrington is a key strategic industrial logistics location between Manchester and Liverpool, and just 1.5 miles from Junction 9 of the M62.
Rob Trevor, Logistics Customer Experience Lead EMEA and Head of Asset Management Logistics UK at CBRE Investment Management, said: “This was an exciting opportunity to acquire a logistics asset in an excellent location. Warrington has seen strong take up and rental growth over the last three years; with limited supply and strong demand for logistics properties, this asset has excellent potential. This was also a chance to transform the asset’s ESG credentials. We have seen increasing appetite for space with strong ESG credentials from our logistics customers, and this is set to increase significantly into the future.”
Sam Rosenkranz at TT Group, said: “Throughout the planning process, we have worked efficiently with Warrington Borough Council to change the use of the building back to its original industrial use. The property received significant buyer interest, but we believe CBRE Investment Management will bring a good quality product forward to meet the unprecedented demand for warehouse and logistic space in the north-west.”
Moriarty and Co advised CBRE Investment Management on the acquisition and the Development Manager is Harlex. Gerald Eve and B8RE acted for TT Group.