IM Properties Announces £50 Million of Speculative Industrial Development in The Midlands
Award-winning developer, IM Properties has today (25th June) announced that it will undertake the speculative development of 500,000 sq ft of industrial space across two of its sites.
The new space, which will have an end value close to £50 million, will be delivered over five units split between Birch Coppice Business Park in North Warwickshire and The Hub in Witton, and will go some way to resolve the current dearth of high quality industrial units in the region.
Ranging from 47,250 sq ft to 282,000 sq ft, all five units will be financed from the company’s own cash resources.
Work is already underway at both sites with the first unit of 47,250 sq ft at Birch Coppice – the last remaining plot on Phase 1 – due to be ready for occupation in February 2016.
The other two units at Birch Coppice are to be constructed as part of Phase 3 of the successful business park, with infrastructure works due to commence in September, and the units due to be completed by October 2016.
The remaining two units will be delivered at The Hub, which is located just three miles from Birmingham city centre and at 52 acres represents the city’s largest single development site.
This announcement builds on IM Properties’ existing track record, with the company being the first to announce the speculative development of large-scale industrial units following the recession when it began work on two units at Birch Coppice in 2013, both of which were quickly let.
Kevin Ashfield, Senior Development Director, IM Properties, said: “There is a strong demand for warehousing and industrial units within the Midlands with nowhere near enough quality stock available to satisfy this appetite and we have chosen to develop these units as a direct response to this shortage. In the last two years we have developed nearly 600,000 sq ft on a speculative basis and every unit has been let prior to practical completion.
“We are delighted to be announcing this latest programme of speculative development. We are also offering a range of sizes which will cater for different requirements in the market.”
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.
Part of the Big City Plan, The Hub has a flexible masterplan with its location within the Birmingham Enterprise Zone enabling fast-track planning with a decision on reserved matters applications expected within six to eight weeks of the submission.
For more information on The Hub, including a PDF brochure of available remaining plots, please visit thehubbirmingham.co.uk