The Birmingham office of Knight Frank’s Capital Markets team has advised Knight Frank Investment Management in the funding of a £9.575 million distribution warehouse now under construction at the Worcester Six Business Park.
Birmingham-based Stoford Developments is responsible for delivering the 72,500 sq ft warehouse, due to be completed by the end of the year.
The warehouse has been pre-let to Spire Healthcare on a 20 year lease with 5 yearly fixed rental uplifts.
Spire Healthcare is the UK’s largest private hospital provider and the new warehouse will support its clinical operations at 39 hospitals, 10 clinics and a Specialist Cancer Care Centre across England, Wales and Scotland.
Jonathan Devaney, partner in Knight Frank’s Capital Markets team in Birmingham, said: “Worcester Six is becoming established as the prime business park location in Worcestershire and is set to provide up to 1.5 million sq ft of accommodation in a range of high quality business units.
“This acquisition will achieve our client’s objectives in providing long-term secure rental income with index linked rent reviews in the most sought-after commercial sector.”