Three day turnaround on distribution hub underlines property famine

THE West Midlands’ dearth of commercial property available around 100,000 sq ft has again been highlighted with a new letting deal being completed in just three days.

Harris Lamb said it thought the speed of the deal, for a 97,500 sq ft unit in Tipton, was a record for the firm.

The business’ commercial agency team was instructed by Skelton Group Investments to let the warehouse on the Wellington Industrial Estate on Birmingham New Road on a short-term basis, prior to an expected redevelopment of the area.
 
Neil Slade, of Harris Lamb, said: “This building forms part of a longer term redevelopment and our client was looking to generate a short-term income in the interim.
 
“The property, a 97,500 sq ft three-bay distribution warehouse with cranage, was always going to be an attractive offering to manufacturers and distributers thanks to its size, its 24-hour onsite security and its location; being just five miles from Junction 2 of the M5 made it ideal for UK-wide logistics.
 
“Aware that furniture sales and supply firm Giomani Designs was looking for a suitable warehouse with good access links to the whole of the UK, we highlighted the opportunity and they viewed the same day. After agreeing terms with the landlord, lease documentation was issued the same day, agreed and completed within three days of the initial viewing to enable swift occupation – I think it has to be one of the quickest deals we’ve ever done.”

Graham Willson, director at Skelton Group Investments, said: “We were impressed with how quickly Harris Lamb was able to find us an established, reputable tenant for this warehouse, and with the speed and efficiency of the team when it came to implementing the process.”

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