Letting to UPS marks third speculative deal at Birch Coppice
Award-winning developer, IM Properties, has completed the letting of its latest speculatively-developed industrial unit at Birch Coppice Business Park, just weeks after breaking ground on the site.
Extending to 152,500 sq ft and including 7,500 sq ft of offices, the unit on Plot 2 at the hugely popular business park has been let to international package delivery and logistics company UPS, which has taken the space on a 15 year lease at a rent of £6.15 per sq ft.
Following the completion of similar deals to DAU Draexlmaier and Bunzl, this now means that units totalling just under 500,000 sq ft have been let at Birch Coppice prior to Practical Completion in the last 18 months. Kevin Ashfield, Senior Development Director at IM Properties, said: “There was strong demand for this unit as demonstrated by the agreed rent, which we believe to be one of the highest achieved in the region, driven by both the quality of the location and lack of availability. Our decision to commit to this speculative development means that the building will be completed within the timescales required for the occupier, emphasising that few occupiers can afford to wait for design and build solutions.
“IM Properties’ strong cash position enables us to bring our land bank forward through continued speculative development across our portfolio of industrial sites with development underway on a 54,000 sq ft unit at Solihull Business Park, which is due to complete in December 2014.”
Situated in Dordon at Junction 10 of the M42, the 400 acre Birch Coppice Business Park is the West Midlands’ largest rail-served development site with a growing reputation for attracting high-quality occupiers including Ocado, Volkswagen Group, Euro Car Parts, and Severn Trent.