Hartlebury Trading Estate is reporting record low vacancy rates following a hat-trick of deals at the site as demand for industrial property in the Midlands continues to surge.
Further to a rolling estate-wide refurbishment at the 200-acre Schroder UK Real Estate Fund (SREF) owned commercial estate, units 16a, 71 and 334 were all let within weeks of going to the market.
The largest of the three, the 22,175 sq ft Unit 16a, has been taken on by Kidderminster-based IT hardware recycling business Greensafe IT, as it expands its reach within the region. Meanwhile medical supplies specialists Avensys UK Ltd, which also has its headquarters close by in Kidderminster, chose the estate as its preferred location when looking to grow its operation, having signed a 5-year lease on the 20,412 sq ft Unit 71 at a headline rent of £6.25 per sq ft.
The third building, Unit 334, has been occupied by Deliverwell Couriers Ltd, an expanding delivery firm based in Stourport-on-Severn. At c550 sq ft, Unit 334 forms part of the estate’s Enterprise Centre, which offers small units to fledgling and start-up companies to provide them with a prime business location in the heart of the country.
Rupert Jeffries, of Collingwood Rigby, asset managers for Hartlebury Trading Estate, said: “With high-quality commercial space remaining in short supply throughout the Midlands, we are very pleased to report that the estate is enjoying great success at present due to its location, its convenient access to the motorway network and the high standard of services it offers to its occupiers.
“Those benefits, teamed with the £3 million refurbishment which has been undertaken across the estate has only strengthened the park’s position for businesses seeking a new address within the Midlands, and I am delighted to welcome three new occupiers that are in the happy position of expanding their operations and have chosen to do so at Hartlebury.”
Neil Slade, of Harris Lamb, joint agents with Fisher German, secured all three new occupiers, and added: “After the initial uncertainty over the past 18 months, industrial property is seeing exponential demand and take up where businesses are seeking space to grow and it has been rewarding to be able to capitalise on Hartlebury’s status as the largest commercial estate in Worcestershire to be able to meet their needs.”
Phil Scott, investment manager for SREF’s industrial assets, commented: “The UK industrial sector continues to thrive as Covid-19 has not only fast-forwarded the growth of online retail, but has also prompted manufacturers and retailers to review their supply chains and hold extra stocks of key items. To cater for this growing demand for space we are continuing to develop and refurbish our existing industrial assets, such as Hartlebury Trading Estate in the West Midlands.
“As the requirements of our tenants evolve, it is key that we maintain our approach to active asset management to ensure our assets across the UK continue to meet the needs of current and new occupiers – this is central to our investment strategy and has borne fruit with this trio of lettings and rental uplift.”