Demand across the Midlands for light industrial/warehouse units is completely outstripping supply and more properties are urgently needed. Speculative development is one route to achieve this, as illustrated by our recent transactions at the newly constructed Manor Business Park.
Director, Jason Hercock explains: “The land now occupied by Manor Business Park was a former agricultural site of disused buildings yet had excellent transport connections so was prime for redevelopment into small industrial units. Our client’s portfolio had a strong office bias, but we recommended diversifying and advised of the opportunity to create some good quality, industrial stock that would appeal to businesses specialising in light manufacturing, home improvements, technology, or online retail; all sectors that have benefitted from the pandemic.
“Planning was secured for the creation of 11 new units, representing circa 21,000 sq ft of space. We released in phases, and the first five units were let off-plan, which gave confidence and certainty for the remaining build. Deals on the second phase were concluded equally swiftly, and ten of the 11 units were let before construction completed.
“By working with such a forward-thinking landlord, we were able to help realise the true value of the land and create assets that will not only provide a return on investment but also enable expansion and job creation for local businesses. For those with buildings reaching the end of their lifecycle or comparable parcels of land that could be repurposed, we invite conversations about conversion or new construction to achieve similar results.”
