Northern Trust adds to Midlands portfolio

The family-owned investor-developer has paid an undisclosed sum to add Canal View Business Park, a 58,400 sq ft multi-let industrial estate in Rugeley, to its holdings.

The estate, sold by a private investor, contains 17 units ranging in size from 2,570 sq ft to 5,460 sq ft. Stafford and Lichfield are both 10 miles away, and Birmingham is 27 miles to the south. Northern Trust’s Midlands base is five miles away in Cannock.

Tom Parkinson, director of Northern Trust, said: “Canal View Business Park represents a strong addition to our Midlands portfolio, providing a well-located and established industrial scheme that complements our existing holdings.

“The estate’s range of unit sizes and strategic position within Rugeley make it an attractive proposition for local and regional businesses. We continue to see sustained demand for high-quality, flexible industrial accommodation, and this acquisition aligns with our long-term investment strategy.”

Northern Trust’s Midlands portfolio now extends to 1.4m sq ft across 850 units at 33 locations.

Barry Riley, director of 23 Real Estate, acted for Northern Trust on the acquisition. He said: “This represented a rare opportunity to acquire a purpose-built industrial estate that has remained in the same ownership since its construction approximately 20 years ago.

“The scheme provides well-configured terraces of units with generous parking and yard areas, ideally suited to local occupier demand, particularly at a time when availability of comparable space is at historically low levels. Northern Trust is well positioned to leverage its extensive asset management expertise to further enhance the estate’s profile, improve the occupier experience and drive long-term value.”

The seller’s agents at Cushman & Wakefield were Ned Jones and Harry Abell.

Northern Trust’s UK portfolio exceeds 9m sq ft across more than 4,000 units.

Chorley-based Northern Trust is owned by family members of the late Trevor Hemmings, who died in 2021.