High demand sparks upturn in new build industrial units
The demand for new industrial space across Coventry and Warwickshire is driving a new boom in supply, a leading commercial property expert says.
Andrew Cosnett, partner in award-winning Coventry-based agency Bromwich Hardy, says the firm has more new property on its books than at any other time since its launch just over a decade ago.
Andrew, Warwickshire’s current Dealmaker of the Year, said the agency was currently marketing around 350,000 sq ft of newly-built or near-complete units across the region. Key developments include:
• Blue Ribbon Park, Coventry, for client Harmsworth Pension Funds Trustees Ltd. 73,070 sq ft total build with units for rent only.
• Spa Park Leamington (phase 1) for Stoford/Blackrock. A total of 130,000 sq ft is available for rent only.
• T1300 Leamington Spa for A.C. Lloyd. Another 30,000 sq ft for sale or rent.
• Europark 44 Rugby for RUL. Nearly 45,000 sq ft of development available for rent from this June.
“There is no doubt that the upturn in new stock coming on to the market is a reflection of the attractive dynamics of both Coventry and Warwickshire as a whole,” said Andrew.
“The region boasts an abundance of highly-skilled and semi-skilled labour and its role as the UK’s home of high tech automotive, battery technology and electric drive means it is a magnet for inward investment.
“In terms of commercial property, the market is offering some attractive returns with good rental growth prospects and there is a clear trend now for investment funds to seek a return on industrial and logistics development in place of the more traditional retail route.
“There remains a shortage of good quality new stock, but the region’s location at the heart of the nation’s transport infrastructure and the high quality of life here means it remains an attractive proposition for both industrial and investment clients.”