IM Properties is to speculatively build a new warehouse at Solihull Business Park in the West Midlands.
The Warwickshire firm is to develop the 53,600 sq ft shed after securing a prelet for another plot at the park to John Lewis for a first-of-its-kind regional distribution hub, where work began on site earlier this year.
Work will start imminently for the spec shed known as Unit 1, which will include 3,500 sq ft of offices over two floors. Completion is due in November.
IM has also confirmed that it has pre-sold Unit 3 at the park, located close to the A34 Stratford Road, to an unnamed owner-occupier which will comprise a 30,000 sq ft industrial and distribution unit.
IM Properties’ Lewis Payne said: “With the prelet to John Lewis secured and Unit 3 under offer, we have tremendous confidence in the location and quality of Solihull Business Park and we believe that this is the right time to bring forward a speculatively developed unit.”
GVA and Savills are joint agents on the scheme.
GVA director David WIllmer said “There is a recognised shortage of Grade A buildings available both in the region generally and around the Birmingham and Solihull area specifically for high-quality industrial units between 50,000 and 100,000 sq ft. We have received a good level of interest in the park to date and IM’s decision to develop this unit speculatively should help to meet some of that demand.”
This follows the 334,500 sq ft of speculative development by IM at Birch Coppice in Staffordshire , which has been let to Bunzl UK and DAU Draexlmaier Automotive UK.
