Another West Midlands commercial estate has reached full capacity, further signalling the need for the delivery of more industrial property within the region.
The iO Centre, located at Park Farm in Redditch, is the latest site to reach fully let status, further to the final property, Unit 3, being let to flooring specialist Midland Carpets Ltd.
Neil Slade, of Harris Lamb’s Agency team, said that io Centre has been one of the trailblazing estates in the area as to quick take-up and in setting new rental tones.
“Further to Canmoor’s acquisition of the Estate in late last year, working alongside our join agent John Truslove, we have gone on to dispose of all remaining buildings on new benchmarking rents, a testament to just how strong the demand for commercial property is at present and reflective of the subject estate being one of the best of its kind in the area.
“The quality of the buildings, which have undergone a recent refurbishment, teamed with the excellent location within one of Redditch’s prime industrial areas with easy access to the national motorway network, saw both units let within a very quick timeframe on effective pre-let basis whilst works were undertaken” he said.
Neighbouring occupiers include The AA, Pilkington, Baylis & Harding and Avon Freight.
The letting of Unit 3 follows the earlier disposal of Unit 7, a 6,858 sq ft warehouse with integral offices and excellent car park and forecourt loading facilities, that was occupied by manufacturing specialists Weston Body Hardware.
Neil added: “Such is the demand for industrial property at the present time that multi-let commercial estates are reaching full capacity on increasing frequency and while the issue is by no means restricted to the Midlands, the area is seeing significant rental growth in near all types of industrial accommodation.
“At witnessed on iO Centre, demand for good quality industrial units is as strong as had been seen in recent years and where businesses are committing at record rents, that are quickly surpassed as the year rolls on. With positive growth and continued demand expected going forward, we wholly expect delivery of new build opportunities to benefit from the pent up demand.”
Will Preece, of Canmoor, said: “We are delighted to see the IO Centre, Redditch, become fully let. We believe wholeheartedly in the growing narrative of the Redditch industrial market and don’t see tenant demand for good quality space in the area slowing any time soon.”
