The industrial and distribution market in the East Midlands has been crying out for new build stock for some time. Stock levels continue to be low and despite this there has been little or no speculative construction. One developer and investor has though bucked this trend and has now received his due rewards! Long term clients of Tim Gilbertson of FHP, Mike Wrigley of PMW Properties, speculatively developed on Cotes Park Industrial Estate at Alfreton a 30,000ft² superbly constructed warehouse unit which Tim Gilbertson has now let.
Tim Gilbertson takes up the story:
“I encouraged our client to speculatively develop out space on this site, although no encouragement was needed as he was fully aware of the complete lack of available stock in the region. As ever when encouraging speculative development there is pressure on any agent to achieve success but I am delighted that within a short period of practical completion of the construction of this excellent warehouse we have found a new tenant on a 10 year lease.
Our client, Mike Wrigley of PMW deserves massive credit for his decision to build speculatively in a market where few, if any, developers are doing the same in this mid range warehouse/industrial unit sector. For us to secure a long term lease is great reward in a deal where also the tenant wins by securing the only new build unit of this size in the region, a great result all round.
We now hope that other developers will follow this lead and speculatively construct space to alleviate the chronic lack of supply in the market place.”
The unit has been taken by Fabb Sofas, to create a Midlands Distribution Centre for their business.
Tim Gilbertson continued:
“For our client, PMW we have other property options available in the region and we really hope that these will go shortly as they should, again as a result of good demand in the market and most importantly a very limited supply. We hope to report further deals shortly.”