IM Properties and CBRE Global Investors have signed manufacturer’s organisation EEF for the speculatively built Hub 55 scheme at the 90-acre the Hub industrial park, in Witton, Birmingham.
The industry body for engineering and manufacturing employers has taken a 16-year lease on the 55,230 sq ft building. Rents were undisclosed, however quoting rents for the scheme are £6.50 per sq ft.
EEF’s head of estates and facilities, Ian Christie, said the firm needed more space to offer further hi-tech training facilities for apprentices, management and commercial staff working in the region’s motor industry and advanced manufacturing sectors.
The deal means that just one speculative building remains available at the Hub, the 55,000 sq ft Hub 54 building.
IM Properties acquired The Hub from PRUPIM in 2013. CBRE GI subsequently acquired five units at the scheme – including Hub 55 – as part of a £192m portfolio acquisition for an international pension fund client. IM has retained ownership of 29 acres of development land at the park.
The park will also be home to the new £80m Birmingham wholesale markets. The relocation of the wholesale markets – the largest combined wholesale food market in the UK -–from its existing home on Pershore Street to a new 655,000 sq ft faciltity will clear the way for Birmingham City Council to begin delivery of its £500m, 34 acre mixed-use Smithfield Development on the market’s legacy site.
Letting agents for The Hub are CBRE, Knight Frank and Savills. The EEF was represented by Innes England.
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