Warwickshire-based IM Properties is starting speculative development of a new distribution/industrial unit at Solihull Business Park.
Work is due to commence imminently on the 53,599 sq ft Unit 1, which will be designed to achieve an EPC rating of A and will include 3,500 sq ft of Grade A offices over two floors. The unit will also feature five loading doors including four HGV loading docks, a large yard with 5 HGV parking spaces and 45 car parking spaces.
IM took the decision to develop this unit on a speculative basis following the successful pre-let of Plot 2 to John Lewis for a first-of-its-kind regional distribution hub, work on which began earlier this year.
IM will also commence development on Unit 3, which is currently under offer to an owner occupier on a pre-sale basis, which will comprise a 30,000 sq ft industrial and distribution unit.
Lewis Payne, IM Properties, said: “With the pre-let to John Lewis secured and Unit 3 currently under offer, we have tremendous confidence in the location and quality of Solihull Business Park and we believe that this is the right time to bring forward a speculatively-developed unit.”
Joint agents on the scheme are GVA and Savills.
David Willmer, GVA, said “There is a recognised shortage of Grade A buildings currently available both in the region generally and around the Birmingham and Solihull area specifically for high quality industrial units between 50,000 and 100,000 sq ft. We have received a good level of interest in the Park to date and IM’s decision to develop this unit speculatively should help to meet some of that demand.”
Solihull Business Park is a fully serviced, well connected and established business location, benefitting from its location just off the A34 Stratford Road, close to Solihull town centre and just one mile from Junction 4 of the M42 and wider UK motorway network.
Ranjit Gill of Savills, said: “Solihull Business Park’s location makes it an exceedingly appealing prospect for industrial occupiers, with the motorway network on the doorstep and Birmingham Airport and Railway Station less than half an hour away. With the general lack of stock available and demand currently outstripping supply we expect to receive a good level of interest in this unit.”
Unit 1 is expected to be available for occupation by November 2014.