Developments spur market; FOCUS ON COVENTRY&WARWICKSHIRE.
According to commercial property experts at North Rae Saunders, this has been due to the lack of availability of modern industrial and warehouse space in the area.
Developers like Prologis are responding with the acquisition of a 64-acre development at Ryton from SJS Properties with the aim of creating 1,250,000 sq ft of warehouse space in three buildings.
North Rae Saunders' Andrew Pittaway says: "It is encouraging to see further speculative development occurring in the area, with a wide range of units from 1,500-100,000 sq ft.
"It is not only the industrial / warehouse sector that is moving forward within this vicinity. Coventry City Centre is set to welcome a flagship Ikea store.
"This will be opening in March 2008 and will further bolster the city centre's new developments such as Bond Street, Friar Gate and Corporation Street.
"Turning to major office transactions, Axa have confirmed they will be looking to relocate to the AWM site at Ansty while Seven Trent are looking to take 60,000 sq ft in Coventry - in addition to 90,000 sq ft in the town centre."
At Prologis Park Coventry, Prologis has completed a speculative development of 104,000 sq ft warehouse following the recent sales of some 94,000 sq ft too Barzan and Metalock.
Further examples of take-up in the Coventry area include:
Crosspoint Business Park, Coventry. This scheme has now been completed on behalf of Graftongate Development and Legal and General, with the last remaining unit of 47,000 sq ft being let to SCS.
Middlemarch Business Park, where Mucklow Developments has completed a 18,939 sq ft letting to Aubrey Allen Butchers, leaving around 26,280 sq ft still on the market.
Bermuda Trade Park, Nuneaton, where Tawneywood has let 10,000 sq ft to Empire Direct Electrical Wholesaler.
Spitfire Centre, Coventry, where 11 units ranging in size from 2,500 sq ft to 5,500 sq ft have been sold to local occupiers. According toi the agents, 95 per cent of the site was presold before completion.
Mr Pittaway says Goodman Developments will soon be in a position to start developing a mixed use scheme of office and industrial units at New Century Park.
Goodmans has also acquired the old Jaguar Car plant at Browns Lane, which will be developed on a design and build basis for office, industrial and warehouse space.
There are a number of other new developments in Warwickshire, including:
Hollywell Business Park, Southam, where Naus Albion has acquired 15 acres and is constructing industrial units that range is size from 1,500 sq ft to 4,000 sq ft. Half have already been presold and so have 60 per cent of the offices. Further industrial and warehouse premises - ranging from from 50,000 sq ft to 100,000 sq ft - are being marketed on a design-and-build basis.
Caldwell Road, Nuneaton, where Eden Park Developments has acquired three acres and will be developing units oof between 1,500 sq ft and 10,000 sq ft. They will be ready in May on a freehold or leasehold basis.
Amphion Park, Coventry - a nine-unit scheme that is due for completion April 2008. The units will be available on a freehold or leasehold basis.
Hollywell Business Park, Southam, where Naus Albion is constructing industrial units that range is size from 1,500 sq ft to 4,000 sq ft
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|Publication:||The Birmingham Post (England)|
|Date:||Nov 8, 2007|
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