West Midlands-based developer Chase Midland is set to undertake one of the largest speculative industrial schemes to be started in the Coventry area within the foreseeable future. The development at Chase Point, Coventry, is supported by about £6.6M forward-funding from off-shore clients of Bilsdale Properties.
Chase Midlands will speculatively build two industrial units of 7,452sq m and 3,362sq m, on the six-acre site adjacent to the M6 motorway’s J3 in an established industrial and distribution location close to the proposed Coventry Arena. A planning application has been submitted to Nuneaton & Bedworth Borough Council, and construction is due to commence in January with completion next September.
David Allen, of property consultant NAI Fuller Peiser, who acted for Chase Midland, says: “This speculative forward-funding shows confidence in a market starved of a speculative product which is available for tenants to move into. It is anticipated the asking rent will be £5.75 per sq ft.”
Julian Meredith, of Chase Midlands, says: “Chase Point’s location adjacent to the motorway network means that the development will be ideally suited to both distributors and manufacturers alike. As a result of the level of enquiries and limited new supply in north Coventry, we are confident of the scheme’s success. It is great to follow the 42,000 sq ft (3,906sq m) pre-let to STP Group earlier in the year with this speculative development of over 10,788sq m.”
Nick Abell, of Leamington Spa-based solicitors Wright Hassall, comments: “We were delighted to act for Chase on the successful funding for both the speculative scheme and the 3,906sq m pre-let unit.”