The value of North West property deals in the first quarter soared 150% on the same period in 2023 thanks to major sales involving Amazon and investment firms, industrial agency B8 Real Estate says.

The firm said 17 deals with a total value of some £313m were completed during the first three months of this year, compared to 17 deals totalling £125m in the Q1 2022.

B8 Real Estate said 77% of the total value in 2023 came from just four deals - Amazon’s purchase of its unit in Bolton for £43m, Leftfield’s acquisition of a Warrington unit for £32m, Blackstone’s purchase of Central Trading Estate in Trafford Park for £71.5m, and Copley Point Capital’s purchase of two warehouses in Warrington and Skelmersdale as part of a £123m deal.

But the agency said small private investors were also busy in the quarter, with deals under £5m accounting for nearly half of all transactions - up from less than a third in 2022.

John Burrows from the investment team at B8 Real Estate says: “Transactions in the first quarter have been dominated by deals at opposing ends of the spectrum. Whilst there have been a few large deals, the figures also reflect the resilience of private investors who are continuing to actively seek opportunities, especially those with access to cash.

“Whether they are investing for the long-term, or for shorter value-add opportunities, private investors have confidence in the fundamentals of the industrial property market. They also have the added incentive that due to inflation, any money they have in the bank is losing value.

“Despite these surprisingly strong figures, the lack of properties on the market is limiting the number of transactions. Many vendors are reluctant to sell at present because they fear that with the current high interest rates, they may not achieve the best price for their property. In the event that interest rates do fall soon, we are likely to see more properties coming on to the market.”

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