Centrica has agreed terms for a 11,148 sq m (120,000 sq ft) prelet at Prologis Kingspark and British Land’s Blythe Valley Park in Solihull..
The gas and electricity supply company is relocating from its edge-of-town site at Wharf Lane in Solihull, where its current lease expires next July.
John Beer, property manager at Centrica, explained: “We looked at four or five business parks in Solihull capable of taking this size building. Blythe Valley was ready to go, with no planning problems, a good track record with Oracle, competitive rents and a proactive developer.”
Centrica will pay £2.2m pa in rent, which breaks back to £194 per sq m (£18 per sq ft). The three-storey building has been taken on a 15-year lease.
The 111,000 sq m (1.2m sq ft) scheme has been developed in conjunction with Solihull council on a 68ha (168 acre) site at Junction 4 on the M42.
Chesterton advised Centrica, while FPDSavills and Holley Blake were letting agents for Blythe Valley.
US software company Oracle, is planning to construct 23,225 sq m (250,000 sq ft) of space covering four buildings on the site over the next few years.
EGi News 17/05/00
