UPS has nudged up Midlands warehouse rents after signing up for the third and last unit at IM Properties speculative Birch Coppice development.
The parcels and logistics business is to take 152,000 sq ft, joining DAU Draexlmaier and Bunzl.
UPS has signed15 year lease at a rent of £6.15 a sq ft, a figure close to the top of the market.
The deal means Lord Edmiston’s IM Properties has signed pre-lets on 500,000 sq ft at the site during the last 18 months.
Kevin Ashfield, Senior Development Director at IM Properties, said: “There was strong demand for this unit as demonstrated by the agreed rent, which we believe to be one of the highest achieved in the region, driven by both the quality of the location and lack of availability.”
“IM Properties’ strong cash position enables us to bring our land bank forward through continued speculative development across our portfolio of industrial sites with development underway on a 54,000 sq ft unit at Solihull Business Park, which is due to complete in December 2014.”
Situated in Dordon at Junction 10 of the M42, the 400 acre Birch Coppice Business Park is the West Midlands’ largest rail-served development site with a growing reputation for attracting high-quality occupiers including Ocado, Volkswagen Group, Euro Car Parts, and Severn Trent.
