Firm backed by Spotify, Uber and Airbnb investor acquires former home of late Blackburn Rovers owner's steel giant

A real estate company backed by an investor in Spotify, Uber and Airbnb has acquired a Lancashire industrial estate once home to late Blackburn Rovers owner Jack Walker's steel giant.

Walker Industrial Estate in Blackburn has been bought by 4^th Industrial, which is backed by US-based TPG Real Estate Partners.

The site is located next to junction 5 of the M65 and currently houses eight fully-let units totalling 324,340 sq ft of space and with a total annual rental income of £1.49m.

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Tenants including Wincanton, Perspex International, Steel Dynamics, NeoNickel (Blackburn), Pentland Wholesale and Carlisle Interconnect Technologies.

The 21.3-acre site was once home to Walker Steel, the business empire led by the late Blackburn Rovers owner Jack Walker.

Following the sale of the business to British Steel in 1989, the site was redeveloped by the Walker family.

TPG Real Estate Partners' other investments include Ducati and Burger King.

Founded in February 2021, 4^th Industrial specialises in multi-let and light industrial property.

Walker Industrial Estate is the latest addition to its portfolio which also includes Crendon Industrial Estate in Thame, Alpha Business Park in Birmingham, Ashroyds Business Park in Barnsley, Melford Court in Warrington, Faraday Park in Swindon and The Ringway in Huddersfield.

B8 Real Estate acted as agents for the buyer. The vendor was a client of CBRE Investment Management, advised by M1 Agency.

Simon Wood, head of investment at B8 Real Estate, said: "We are delighted to have been able to secure this high-quality industrial park for our client in the face of tough competition. Lancashire has a vibrant industrial base which is driving demand for space all along the M65 corridor from Chorley to Blackburn.

"We particularly liked the Walker estate because of its excellent layout and the opportunities to add value.

"This deal demonstrates the way in which major overseas investors are increasingly willing to look beyond the M6 corridor and make significant investments in industrial areas like Blackburn.

"As such, it represents a significant vote of confidence in the North’s economy."