100,000 sq ft of lettings at Monkspath Business Park in last quarter

JOINT agents GVA and GBR Phoenix Beard completed lettings totalling more than 116,520 sq ft on ten units at Solihull’s Monkspath Business Park in the last quarter.

The lettings leave just one vacant unit at the recently refurbished industrial site.

Recent deals saw electrical trade supplier Edmunson Electrical take 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, while Timber Innovations has secured 16,220 sq ft in units 18 and 19. Reeley took 8,607 sq ft and Fundamental Movement Academy 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 a fall in vacancy rates at the site, from 40% in June 2013, to 3% today.

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 totals approximately 360,000 sq ft.

Tenants include John Lewis, Farmfoods, Shred-it, Telefonica, and national health and fitness operator Bardeloo.