Speculative development has returned to the Solihull industrial property market with the announcement that construction work has begun on a new warehouse scheme as part of a £6 million investment.
Leading chartered surveyors Johnson Fellows are retained and will advise on the disposal of the detached high specification 12,917 sq ft speculative unit at Highlands Park, Cranmore Park Industrial Estate.
Mike Price, partner and head of industrial agency at Johnson Fellows, said the unit would be suitable for either industrial use or as a trade counter and adjoins Travis Perkins, Benchmarx and Tool Station.
“The climate is now right for speculative build projects and this has been demonstrated by the keen interest we have already had from a number of interested parties,” he said.
“We are confident that we will quickly find an occupier for this unit, which sits on a self-contained site that offers a range of excellent business benefits, from swift transport routes to a high quality local
workforce.”
In addition, family-run firm Niglon, which supplies electrical components to the wholesale trade, will be moving from its existing unit on Cranmore Park to a new 34,500 sq ft bespoke facility on the new site, which is being developed by specialist industrial and logistics firm Graftongate. Work has already started and is expected to be completed by the end of the year.
It comes just weeks after Highlands Park secured major private equity firm Ducalian Capital to the same estate to a new-build 21,500 sq ft unit.
Jamie Hockaday, Graftongate director, said: “This promises to be a very high-quality site in an excellent location so we are not surprised by the level of interest that has been shown here. We are working closely with Niglon to ensure that its new facility meets its needs and are also looking forward to agreeing terms for an occupier on our speculative development.
“This particular area has an undersupply of Grade A space and this 12,917 sq ft unit will help to fill a gap in the market.”
Adam McGuinness of BNP Paribas Real Estate, joint agents for the scheme, added: “The new speculative unit will be built to the highest specification and will, no doubt, be an excellent facility for any incoming occupier. We expect strong interest in this rare opportunity to secure a new unit in Solihull.”
Johnson Fellows, which celebrated its 30th anniversary last year, has established itself as one of the region’s leading independent chartered surveying practices, specialising in property management, professional services, building consultancy and more recently valuation, rating and industrial agency. In 2014, it took over Salway Bradbury, based in Solihull, consolidating further its reputation on both the regional and national stage.