Property investor acquires four-unit warehouse scheme

Birmingham property developer Evenacre has acquired a new warehouse scheme in Redditch.

The 100,000 sq ft facility, which comprises four units, is located at the Pagets Lane site and covers more than 3.3 acres on the South Moons Moat business estate.

Evenacre said the site was an established location for industrial and logistics uses in the area and would benefit from being close to the Junction 3, M42 Corridor.

The units are undergoing a £1m refurbishment to improve their overall specification and sustainability offering. The work is expected to complete in the spring.

Richard James-Moore, Industrial and Logisitics director at the Birmingham offices of JLL – which is joint agent on the scheme with John Truslove – said he was confident the units would prove popular.

“Evenacre specialise in multi-let industrial schemes across the Midlands. They know the area, they know their sector, and they’re prepared to invest to attract quality occupiers or investors,” he said.

“The M42 is really starting to heat up, with a number of speculative schemes starting. However, there is still a lack of good quality distribution space from 8,000 to 75,000 sq ft available to let immediately and this certainly makes Evenacre’s latest acquisition stand out.”