Concerns that businesses will have no choice but to turn their attentions from the West Midlands to other regions are being addressed by developers keen to keep occupiers at the heart of the country.
Demand for mid-box industrial property throughout the Black Country and Birmingham currently outstrips supply and with a multitude of commercial estates at or near full capacity, a number of developers are rising to the challenge of delivering new opportunities in a bid to ensure the region retains its thriving industries.
Neil Slade, of property consultancy Harris Lamb, said that the issue was by no means a new one.
“For the last few years there has been continued pressure on developers to commit to speculative projects within the region. The short supply of new, high quality industrial property and indeed secondary premises has been an ongoing complaint with occupancy levels on many of the anchor Midland schemes at saturation levels. Occupiers are reluctant to move away from core areas but are challenged in their search for new premises by the shortage of stock, notwithstanding the difficulties fresh entrants to the region may also experience.
“Fortunately, we have seen a number of developers acknowledge that demand and rise to it with speculative warehousing projects generally increasing on a year by year basis. For example, we advise on a 19-acre industrial site in Tyseley that is currently being developed with the intention of satisfying local and regional business demand through both speculative and design and build opportunities.”
Indeed, Mucklow Park Tyseley is one of the most exciting urban developments within the Birmingham area and is being launched in response to the increased demand from local companies seeking modern, mid-box premises in the locality. Construction work is underway on a brand new link road, the Battery Way Extension, which connects the A41 Warwick Road to Reddings Lane, leading to greater prominence and accessibility to the site and the specifications of the park have been carefully planned to offer phased delivery of units from 5,000sqft up to approximately 100,000sqft or thereabouts.
Last month Decora Blinds was confirmed as the first occupier at the park, having signed a 15-year pre-let of 58,000 sq ft and Mucklow has since announced plans to speculatively develop a multi-let scheme of 7 units ranging from 5,000sqft – 15,000sqft, totaling 77,000sqft and where units can be combined to offer 35,000sqft in a property.
Completed buildings are expected to be ready for occupation by the Autumn, whilst a further phase of the scheme will see Design & Build opportunities of up to 100,000sqft where bespoke solutions can be ready within approximately 12 months of agreement of terms with an occupier.
“We are hoping the likes of Mucklow Park will trigger the next wave of commitment to providing new mid-box industrial stock throughout the West Midlands region to retain, nurture and grow its exceptional and diverse industrial market,” added Neil.
Harris Lamb is marketing the site with JLL. The team can be contacted on 0121 455 9455.