Joint agents GVA and GBR Phoenix Beard have completed four lettings totalling 28,949 sq ft at Monkspath Business Park, Solihull.
The lettings have been completed on behalf of estate owners, Conerstone Real Estate Advisers.
Bunn Corporation, the American coffee machine manufacturer, has taken a 7, 815 sq ft Unit 24, which will be used as a logistics hub, training centre and showroom, while the 10,384 sq ft Unit 26 has been let to MHC Cars Ltd, trading as I-Auto, a car servicing and repairs franchise. Both lettings have been secured on ten-year leases.
The 5,399 sq ft Unit 29 has been let on a five-year lease to construction industry fixing solutions company, Rite-Fix.
Existing site tenant Unielectronics has also opted to expand its e-commerce business, which supplies ink cartridges, toners and printer refill kits, taking the 5,351 sq ft Unit 11.
Rents at Monkspath Business Park are quoted at £5.75 per sq ft.
Purchased by Cornerstone in March 2013, Monkspath Business Park is a popular multi-let industrial estate totalling approximately 360,000 sq ft (33,445 sq m) with units ranging from 5,000 to 45,000sqft.
Graham Barker, Managing Director and UK Asset Manager of Cornerstone, said: “We identified significant asset management opportunities when buying the estate, which included undertaking a £1 million refurbishment on a rolling basis. Our investment is paying off with these additional four lettings taking us ahead of our acquisition business plan forecasts.”
As part of its management strategy, Cornerstone has recently partnered with Warwicknet a specialist IT organisation to increase bandwidth across Monkspath Business Park to enable tenants to connect to superfast broadband.
Kamran Saleem Managing Director, I-Auto Solihull, said: “Our new Solihull site fitted our requirements perfectly. With the ideal location for many residential neighbourhoods where our customers are based, and with access to the central road infrastructure right on our door step!
“We took a long time choosing our perfect location, and we have happily settled in and have received great support and a nice welcome from the neighbouring Businesses as well as the managing agents.
Monkspath Business Park is a truly wonderful place to work, and we look forward to many years ahead of us here at these premises.”
Chris Kershaw, Director at GVA, said: “Since purchasing Monkspath, Cornerstone has been proactive in refurbishing units and upgrading the internet on the estate. These recent lettings, along with others currently in the pipeline, help further establish Monkspath as Solihull’s premier business park.”
Christian Smith of GBR Phoenix Beard said: “We have seen some very real improvement in the letting programme since Cornerstone bought the site, and the combination of a better market and a policy of improvement of the estate has paid off.”
Existing tenants at Monkspath Business Park including Farmfoods, Shred-it and Bardello, a health and fitness operation, which has recently expanded by moving from unit 37 (7,848sqft) into unit 36 (10,379sqft).
