Trebor Developments LLP have announced the completion of the purchase of 10 acres of land from Acetate Products Limited located on the Foleshill Road, Coventry following the successful granting of planning permission earlier this year for a 40 acre hybrid commercial and residential development.
Back to back with the completion of the land acquisition, Trebor have also confirmed the leasing of an extensive 10 acre new build commercial development to Lex Autolease for a bespoke vehicle preparation, fleet control and sales facility, which in turn Trebor has sold to LaSalle Investment Management.
Trebor has appointed Anglo Holt Construction as the principal contractor and work on this £12.5 million project commenced on site immediately for opening in spring 2014.
This is one of the largest commercial new pre-let development projects seen in the Midlands for many years and has been brought forward by Trebor as developer in a little over 12 months, including site identification, design, planning, funding and start on site.
Bob Tattrie, Managing Partner of Trebor Developments LLP, commented:
“This represents an outstanding commercial project which will be delivered to the end users specific requirements and operational needs and has been implemented by our fast track method whilst still retaining quality and value for money. I would like to thank all parties involved for their support and hard work in making this come to fruition.”
Patrick Shanley, commented on behalf of Acetate Products Limited:
“We are really pleased to have been able to help bring this commercial opportunity to Coventry. This has only been possible through the cooperation and support of all those involved, particularly Trebor, Coventry City Council and our advisors CBRE. This is very much the first step towards regeneration of the Acetate site and we look forward to developing the residential aspect of the site. “
Nick Howitt, Director for LaSalle Investment Management, commented:
“This excellent new facility will regenerate a significant brownfield site and, with a 20 year indexed income profile rising from 7% net initial yield, it also provides a substantial real return.“
Glenn Sturley, Vehicle Remarketing Director Lex Autolease (part of Lloyds Banking Group), commented:
“This is an exciting opportunity for our business that will provide us with a retail premises and infrastructure from which we can grow our business and expand our offering to our customers. We are pleased to be part of this regeneration project and look forward to seeing the area grow as the commercial and residential properties develop.”
Trebor were represented by JLL for the investment sale, Lex by CBRE, LaSalle Investment Management by Silco and Acetate Products Limited by CBRE.