CBRE Investment Management Lets Award-Winning Sustainable Warehouse in Warrington
Solar120, Warrington, UK, is BREEAM Excellent and was named ‘Building of the Year’ at the National Sustainability Awards 2023
November 1, 2023
CBRE Investment Management (“CBRE IM”) has completed on the letting of the Solar120 warehouse on Europa Boulevard in Warrington to St Helens-based transportation company, John K Philips on a 15-year lease.
Solar120, a former call centre covering 120,511 sq ft (11,196 sq m), with circa 9,000 sq ft of office accommodation, has been transformed under the ownership of CBRE IM, which completed its refurbishment of the site in June 2023.
The refurbishment has incorporated several ESG initiatives. Carbon emissions have been drastically reduced by retrofitting the building with heat pumps and LED lighting, removing gas supplies, and introducing a large amount of on-site, sustainable energy generation. As a result, Solar120 is projected to emit zero kg of carbon dioxide per annum*. The photovoltaic (PV) panels installed across 85% of the building’s roof, generating up to 670,000 KWH of renewable and sustainable energy.
Wellness has also been a priority throughout the refurbishment, with a multi-use games area, pétanque, and amenity block with showers and changing rooms now installed. Meanwhile, new landscaping has seen the addition of fruit trees, garden seating, walking areas, and wildflowers to support the local ecosystem.
Solar120 has subsequently achieved Carbon Net Zero in Operation and BREEAM1 Excellent, contributing to the warehouse being named ‘Building of the Year’ at the National Sustainability Awards 20232.
John Philips, Chief Executive Officer at John K Philips, commented: “In an ever-demanding world of sustainability we are excited to be relocating to Solar 120 as this exceeds the expectations of our clients and will prove a major asset in attracting new business.”
Ian Fairweather, Director at CBRE IM, said: “As one of the first refurbished industrial buildings to achieve a BREEAM Excellent rating, Solar120 has set new standards for the sector. The successful refurbishment and strategic repositioning of the property as a sustainable, high-quality asset exemplifies our commitment to innovation and sustainability, with the intention throughout being to retain and reuse as much of the existing property as possible, to minimise embodied carbon.
“We have successfully positioned the asset as a vibrant and eco-friendly space that resonates with forward-thinking occupiers and their customers. Signing this deal with John K Philips so soon after completion is a testament to the scheme’s appeal and the ongoing demand that exists for well-located industrial properties of this quality.”
Solar120 has 10 dock loading doors, two level access loading doors, 18 HGV parking spaces, and 88 car parking spaces. It is located between junctions 8 and 9 of the M62, within one of the North’s most established business parks, and is well served by road, rail, and air.
Gerald Eve, B8RE and Moriarty & Co acted as letting agents for CBRE IM. Avison Young North-West Industrial Team represented John K Philips.
* Projections are not a guarantee of actual future performance
About CBRE Investment Management CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.