Cording lets 107,000 sq ft in Wigan
Cording Real Estate Group, the Northern European real estate investment and asset management firm, has let 107,800 sq ft of newly-refurbished industrial space at Hindley Green Business Park on Leigh Road, south east of Wigan town centre.
The new tenant is Corenso UK Limited, the UK subsidiary of Helsinki-headquartered Corenso Group, one of the world’s leading producers of high-performance cores and tubes as well as and high-quality coreboard and packaging board.
Corenso has taken a new 10-year lease, with an equivalent six-month rent-free period, at a headline rent of £3.50/sq ft, subject to an RPI-linked rent review after five years. The company has relocated its manufacturing from a site in Bolton to allow for further efficiencies, volume and growth potential.
Cording acquired Hindley Green as part of the ‘Spanish’ portfolio bought from a joint venture between Brockton Capital and Dunedin Property in April 2015. Cording surrendered the lease over a significant part of the property in May last year in order to refurbish at a cost of more than £2 million.
The Hindley Green Estate is now fully income producing, with an additional four-acre site available for further development.
Adam Crickmore, Fund Manager at Cording, said: “This letting follows a period of repositioning and proves that through active asset management Cording can enhance income to our investors It underlines our confidence in the strategy of ongoing investment into good quality industrial assets. We are delighted to welcome Corenso to Hindley Green Business Park and look forward to working together in the future”.