A high-tech refurbishment that included the installation of fibre optic broadband has prompted a rush of lettings at a West Midlands industrial park.
Of 11 vacant units on Solihull’s Monkspath Business Park, ten — totalling more than 116,520 sq ft of space — were snapped up in the final three months of last year. Just one vacant unit remains at the Cornerstone Real Estate Advisers-owned estate, according to joint letting agents GVA and GBR Phoenix Beard.
“These lettings are indicative of the wider up-swing that we’ve experienced in the industrial sector over the last year, with high quality space being snapped up by a range of occupiers,” explained Tesni Thacker, an associate at GVA.
“Across the West Midlands and particularly around Solihull, there is now very little quality industrial stock available and we are continuing to see a growing number of pre-let agreements being signed on development sites.”
Recent signings at Monkspath, acquired by Cornerstone in December, 2012, are a 5,000 sq ft trade counter for electrical supplier Edmunson Electrical and 26,000 sq ft across three units for precision components manufacturer, Summit Engineering.
Access Hardware has taken two units totalling 31,148 sq ft, with Timber Innovations leasing two more covering 16,220 sq ft. Lift and escalator parts supplier Reeley has moved into to a new 8,607 sq ft base and Fundamental Movement Academy has let 10,397 sq ft.
Alongside the new lettings, existing tenant UniElectronics has expanded its presence for the second time since the start of last year, acquiring a further 18,630 sq ft on top of its current 15,000 sq ft and a further 7,848 sq ft is under offer to an existing occupier on the estate. All the deals have been completed on 10-year leases with rents at Monkspath starting at £5.75 per square foot.
Long-term tenants on the 360,000 sq ft park include John Lewis, Farmfoods, Shred-it, Telefonica, and the national health and fitness operator Bardeloo.
“The decision by Cornerstone to refurbish the business park has modernised it to meet the needs of growing businesses,” added Christian Smith at GBR Phoenix Beard. “This refurbishment, together with the introduction of high-speed broadband, has been the key to the success of Monkspath in attracting a range of new occupiers while retaining existing tenants.”
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