Multimillion-pound speculative scheme set for take-off
A multi-million-pound speculative development of three warehouse units is set for take-off at a Staffordshire industrial estate as work continues apace.
The development, known as The Wellington Trilogy, draws on the heritage of Fradley Park’s former life as RAF Lichfield, Staffordshire. The units have been named Pegasus, Perseus and Merlin, after the pioneering aircraft engines of their day.
Industrial developer Graftongate is delivering the development, on behalf of Legal & General Investment Management, and has appointed LSH, Avison Young and MWRE as joint agents.
Demolition of existing office buildings on the Wellington Crescent site is complete and construction is underway, with practical completion expected in Q1 2020.
Graftongate development manager Marcus Phayer said: “Fradley Park is an established regional location that is home to a variety of reputable occupiers who operate efficiently from this well connected location.
“There is a real lack of supply of ‘mid-box’ product, which is why the decision has been taken to demolish two obsolete office buildings and redevelop the site through providing three best-in-class industrial and logistics units, totalling 180,000 sq ft.
“Our JV Partner, Legal & General, pride themselves on bettering the business park experience at Fradley, and we are proud to work alongside them and fulfil that goal by delivering these well specified and much desired mix-box units to fill the supply void.”
Matthew Tilt, industrial agency director at LSH in Birmingham, said: “Development of The Wellington Trilogy will deliver three units with market-leading specification, offering companies operating from them the chance to excel within their marketplace.
“The sizes of the units fit within the highly sought-after mid-box industrial and logistics market and they sit in a proven and established location with excellent access to the region’s motorway network and main arterial routes. We are expecting there to be a huge amount of interest from potential occupiers.”
Pegasus is a 50,000 sq ft unit including 3,190 sq ft of office space and 47 parking spaces; Perseus is 60,000 sq ft including 3,720 sq ft of office space and 45 parking spaces; and Merlin is 70,000 sq ft with 4,215 sq ft of offices and 60 parking spaces.
