Developer Graftongate and industrial property fund specialist Blackrock are planning to build nearly 1 million sq ft of warehouse and industrial space in Leicester.
The pair, through UMC Architects, have submitted outline planning proposals to Leicester Council to demolish existing industrial buildings at Sunningdale Business Park in Leicester near Junction 21A of the M1 and redevelop the site to provide 962,788 sq ft of warehouse and manufacturing space.
Available warehouse space nationwide remains low, according to Gerald Eve’s latest Prime Logistics report, “dropping to an overall rate of just 9.2 per cent, the lowest Gerald Eve has recorded.
“To put this into perspective, such low availability suggests there is only around 18 months of total supply currently in the market to satisfy demand, a figure that falls further to a worrying nine months for new or refurbished sheds. Such a shortage will continue to channel demand into speculative space and force occupiers to pre-let design-and-build facilities.”