The first major speculative warehouse development in the UK since 2008 is being built by IM properties at its 400-acre Birchwood Coppice development in the West Midlands.
The two buildings totalling 334,500 sq ft are due to start construction in July and will be completed in January 2014.
According to IM Properties this move ends the debate over which developer would be the first to undertake speculative development. Development Director Kevin Ashfield said: “We are pleased to be leading the way in large scale speculative development. There is a severe shortage of good quality stock both regionally and nationwide, and against this backdrop of decreasing availability we are seeing increasing occupier demand. Occupiers need certainty over deliverability and few companies can wait for a design and build solution. We believe the time is right for speculative development.
“Our strong financial position and belief in Birch Coppice as a premier rail-served business park in a prime location gives us the confidence to seize this opportunity.”
The buildings will be constructed side by side with Unit 1 totalling 165,600 sq ft on an 8.3 acre site boasting 12.5m eaves, 18 loading doors and two level access doors a 50m service yard and parking for 40 HGVs and 153 cars. Unit 2 will total 168,900 sq ft with 12.5 eaves, 15 loading doors , 1 large Euro Door and loading dock as well as 4 level access doors. It will have 50 HGV spaces and 120 car parking spaces.
Letting agents are Colliers, CBRE and Eagleton & Co.