Pharma supply chain firm takes 100,000 sq ft at The Hub
IM Properties (IMP) has let 100,529 sq ft at The Hub in Birmingham on a 15-year lease to one of UPS Healthcare’s key UK operations, Polar Speed, for its new warehouse and transportation hub in the Midlands.
Hub 100 represents one of the largest industrial lettings in the city since lockdown began.
Polar Speed provides a one-stop solution for all clinical and pharmaceutical supply chain needs and is investing in the new state-of-the art, GMP standard, temperature-controlled facility, creating 8,000 pallet spaces, to provide additional storage capacity for clients.
The letting leaves only two smaller units of 30,000 sq ft and 22,000 sq ft remaining at The Hub, and completes nearly 300,000 sq ft of speculative space constructed and let at The Hub, which is also home to the city’s wholesale markets, developed by IMP in a joint venture with Birmingham City Council.
Richard Sykes, development manager for IM Properties said: “The new hub provides final mile delivery solutions for Polar Speed’s customers, less than three miles North of Birmingham city centre, it is about as prime as you can get. Their long-term commitment to Hub 100 evidences the quality of our speculative building as well as the wider industrial park.
“The letting will be welcomed by the city and the region, attracting significant inward investment from Polar Speed at a time when the local economy is looking for a much-needed boost.
“We’re pleased to let the final large unit at The Hub and will now be concentrating on attracting what we believe will be smaller local operators looking to expand.”
Doaa Fathallah, senior vice president of Polar Speed added: “Polar Speed has undergone a tremendous period of growth while providing innovative solutions to bring our clients closer to their patients.
“This new hub is a next step in ensuring that we are proactively anticipating client’s needs for capacity and will provide fully regulated, end to end services, to 98% of the UK post codes.
“We will continue to make further investments in facilities and technologies in order to provide best-in-class service to our clients,”
The Hub’s agents are the Birmingham offices of CBRE, Darby Keye and Savills. Polar Speed was represented by Cushman and Wakefield.