Global investment manager Realterm has signed vehicle distribution firm Stapleton's Tyre Service to a circa 255,000-square-foot letting at its refurbished Real 257 facility in Warrington, following a £6 million refurbishment.
Stapleton has agreed to lease the entire warehouse comprising 254,653 square feet. The 10.3-acre site, previously occupied by supermarket Marks & Spencer, has 28 loading positions and EV charging infrastructure and is being leased on a 15-year lease at £7.25 per square foot, CoStar data indicates.
The multi-million pound refurbishment of 48 Hardwick Grange, part of the the Kingsland Grange Industrial Estate, which sits next to the M6, saw the modernisation of its docks, doors, level and truck yard. It also provided a reconfigured layout for Stapleton's, which Realterm calls the UK's largest distributor of passenger car, 4x4 and van tyres.
New energy-efficient systems and LED lighting have also been installed at the property, which is a neighbour to supermarket Iceland's circa 460,000-square-foot warehouse.
According to CoStar data, Realterm acquired the building as part of a two-property portfolio deal worth £38 million in January 2022, with the Warrington shed previously being owned by Marks & Spencer UK Pension Scheme. Its retail business used the property up until September 2018, employing around 450 people.
The project management was led by CBRE, with ISS as the general contractor.