Midlands industrial rents have hit a new high at £7.75 a sq ft
The new rental benchmark was set by hi-tech global automotive engineering group Hofer Powertrain, who have signed up to a 15 year lease at IM Properties' new Connexion campus at Blythe Valley Park, Solihull.
Connexion is a £26m speculative development directly off junction 4 of the M42 offering five high-spec units from 31,000 sq ft to 56,500 sq ft.
Hofer’s joint venture with ElringKlinger has taken 47,000 sq ft of speculative floorspace.
Rachael Clarke, development manager at IM Properties, said: "The lack of availability in this prime location, quality of the business park and access to labour gave us the confidence to speculatively develop one of the only new-build multi-let industrial estates in the midlands, which is reflected in the rent of £7.75 per square foot we've achieved.”
CBRE and Savills act as joint agents on BVP. Andrew Cosnett from Bromwich Hardy acted for Hofer powertrain products.