Parcel carrier UPS has snapped up IM Properties latest speculative warehouse at Birch Coppice in the Midlands.
The company has taken the 152,500 sq ft unit on a 15 year lease at a record breaking rent of £6.15 per sq ft. This is the first time that rents in the Midlands have topped £6 per sq ft.
Kevin Ashfield, senior development director at IM Properties, said: “There was strong demand for this unit as demonstrated by the agreed rent, which we believe to be one of the highest achieved in the region, driven by both the quality of the location and lack of availability. Our decision to commit to this speculative development means that the building will be completed within the timescales required for the occupier, emphasising that few occupiers can afford to wait for design and build solutions.
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 in there region with occupiers including Ocado, Volkswagen Group, Euro Car Parts, and Severn Trent.