Legal & General Property is pleased to announce that it has secured Biffa Waste Services Ltd, one of the UK's leading waste disposal/recycling companies, as a tenant at Fusion, its 208,000 ft² (19,323 m²) high-bay warehouse facility at Trafford Park, Manchester.
Fusion, a high-bay warehouse facility at Trafford Park, Manchester, UK.
Biffa has taken the unit on a 20-year lease at a rent of £4.75 per ft², equating to £988,000 per annum. The site will be used to house a new state-of-the-art recycling plant, which will process approximately 200,000 tonnes of waste materials a year, achieving recycling output rates of over 90%. Work to develop the site will begin in August.
The warehouse has an eaves height of 15 meters and includes a 50-meter goods loading yard.
Trafford Park is one of Europe's largest dedicated industrial estates covering 1,300 acres (526 hectares) and is home to over 1,425 companies including Kellogg's, Proctor & Gamble, Excel Logistics and Tate & Lyle. Located off Westinghouse Road, Fusion benefits from easy access to the M60 and M602.
Michael Barrie, Director of Legal & General Property, comments: "Set against the backdrop of an ensuing and unprecedented global financial crisis and its resultant weak occupier markets, this sizeable letting has a significant impact upon the value income generation for the Linked Life Fund, demonstrating that there is still progress to be made on good quality, well-located, sensibly priced stock.
"The UK waste management sector continues to show high levels of activity and growth, offering strong covenants and long lease-terms. With a unit offering some of the largest and best spec available space in the area, we were delighted to be able to capitalize upon this trend and satisfy Biffa's needs."
King Sturge and CBRE represented Legal & General Property and Boddy & Edwards acted on behalf of Biffa.