Wed, 14 Sep 2022 | COMMERCIAL PROPERTY
An industrial unit in Milton Keynes has been acquired by a logistics firm in a deal valued at £6 million. Pacific House, a nearly-65,000 sq ft mid-box industrial unit located at Kiln Farm, has been acquired by Pacific Logistics, which has occupied the property for around eight years, from previous owner Poetic Gem.
The sale comes amid a growing race to acquire the UK’s rapidly depleting logistics and warehousing space, which has been accelerated by the surging popularity of e-commerce and multi-channel retail since the COVID-19 pandemic.
Poetic Gem, which forms part of PDS Multinational, engaged property consultancy firm Kirkby Diamond to market the property for sale, with the agent commenting that the existing tenant was keen to acquire the unit, with high demand for such property in the area.
Pacific House is a detached warehouse unit with two-storeys of office accommodation, covering a total of 64,503 sq ft. The property also features on-site car parking, a secure gated yard and dock height loading doors. The unit is located northwest of Milton Keynes, 1.5 miles from the A5 and four miles from the M1’s Junction 13.
The sale was handled by Kirkby Diamond partner and Head of Commercial Agency Eamon Kennedy, who commented: “Mid-box industrial/warehouse units are in high demand right across the region and there is a well-documented shortage of supply. We were pleased to be appointed to market Pacific House and we had discussions with the existing occupiers, Pacific Logistics.”
“The distribution company was very keen to remain at the premises and wanted to avoid it being offered in the marketplace. We were able to negotiate a competitive sale price of £6 million.”
Read more about the ongoing shift from high-street shopping to online retail and the impact that the rise of e-commerce is having on the UK's commercial property market.
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