John Lewis Partnership is paying the highest distribution rent in the West Midlands this year for its regional distribution centre in Solihull.
The retailer is paying £64.50 per sq m (£6 per sq ft) for a 6,570 sq m (70,680 sq ft) prelet at Axa Rein and Wrenbridge’s 8.5ha (21 acre) Southside scheme.
Tim Suffield, of Fuller Peiser, joint letting agent for Southside with King Sturge, said: “It was chosen because of the close proximity to Touchwood Court and shows the significance of Solihull as a location.”
The facility, which will have an end value of £6.5m, will service John Lewis’s 23,225 sq m (250,000 sq ft) department store, which anchors Lend Lease’s £200m Touchwood Court shopping centre in Solihull. It is due to open next September.
Axa and Wrenbridge have also just completed a 14,400 sq m (155,000 sq ft) speculative phase at the industrial and distribution park. No tenants have been signed as yet.
EGi News 16/05/00
