Joint agents GVA and GBR Phoenix Beard have completed lettings totalling over 116,520 sq ft on ten units at Solihull’s Monkspath Business Park. The lettings have all been completed in the last quarter and leave just one vacant unit at the recently refurbished industrial site.
Electrical trade supplier Edmunson Electrical has taken a 5,000 sq ft trade counter unit, with precision components manufacturer Summit Engineering letting 26,183 sq ft in Units 31, 32 and 33. Access Hardware has taken Units 34 and 35, totalling 31,148 sq ft; Timber Innovations has secured 16,220 sq ft in Units 18 and 19; Reeley Ltd have taken 8,607 sq ft; and Fundamental Movement Academy has let the 10,397 sq ft Unit 38.
Alongside the new lettings, existing tenant UniElectronics has expanded its presence for the second time since the start of the year, acquiring a further 18,630 sq ft on top of its current 15,000 sq ft letting and a further 7,848 sq ft is under offer to an existing occupier on the estate. All deals have been completed on ten-year leases with rents at Monkspath Business Park from £5.75 per sq ft.
Completed on behalf of clients of Cornerstone Real Estate Advisers, the deals have contributed to an impressive fall in vacancy rates at the site, from 40 per cent in June 2013, to just three per cent today – representing one unit of 10,000 sq ft – with many new occupiers taking multiple units.
Tesni Thacker, Associate at GVA, said: “These lettings are indicative of the wider upswing that we’ve experienced in the industrial sector over the last year, with high quality space being snapped up by a range of occupiers. Across the West Midlands and particularly around Solihull, there is now very little quality industrial stock available and we are continuing to see a growing number of pre-let agreements being signed on development sites.”
Purchased by Cornerstone in December 2012, 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 45,000 sq ft. The site has undergone a significant programme of refurbishment since being acquired by Cornerstone, including the delivery of super-fast broadband supplied by specialist IT organisation Warwicknet.
Graham Barker, Managing Director – UK Asset Manager at Cornerstone, said: “The delivery of improved services to tenants was a core element of our acquisition strategy for the Monkspath estate. This investment is now paying dividends as demonstrated by the continued popularity of the site and the broad range of occupiers that it is attracting.”
Situated just one mile from Junction 4 of the M42, Monkspath Business Park sits just off the A34 and is just three miles from the diverse array of amenities available at Solihull Town Centre.
Christian Smith at GBR Phoenix Beard, said: “The decision by Cornerstone to refurbish the business park has modernised it to meet the needs of growing businesses. This refurbishment, together with the introduction of high-speed broadband, has been the key to the success of Monkspath in attracting a range of new occupiers while retaining existing tenants.”
Tenants at Monkspath Business Park include John Lewis, Farmfoods, Shred-it, Telefonica, and national health and fitness operator Bardeloo.