A major business park in Warwickshire has achieved 100% occupancy after we secured three new lettings working in conjunction with North Rae Sanders (NRS).
Tata Motors Electrical Testing Centre, Federal Express and Premier Sheet Metal have secured the final available units at Crosspoint Business Park, near junction two of the M6.
Three modern warehouse units let totalling 65,536 sq ft
Working with NRS, we acted on behalf of Nottinghamshire County Council Pension Fund and Aberdeen Property Investors in the letting of three modern warehouse units totalling 65,536 sq ft.
Our Industrial and Logistics team provided comprehensive disposal advice to the client, resulting in a 100% occupancy rate.
Strong headline rentals and covenants achieved
Alex Carr, Associate Director in our Industrial and Logistics team, said the team’s unrivalled knowledge of the market and the client’s investment in refurbishing the units to a high standard were key factors.
“This is a great result, with strong headline rentals and attractive covenants which will improve the business park’s investment value. The terms agreed on the new lettings will also provide excellent comparable evidence for upcoming rent reviews on the other occupied buildings,” said Alex.
“Crosspoint appeals to businesses because it is very well located and the units have been refurbished to a high standard. There is a shortage of good quality stock in the 20,000 to 100,000 sq ft range in the region and demand is rising in response to the success of the automotive sector in the Midlands.
“This general lack of supply has led to a shift in power towards landlords in the Coventry area which is crying out for new stock as there is a very limited choice for occupiers,” he added.