Spec-sheds could return to Midlands
Spec-sheds could return to Midlands
Spec-sheds could return to Midlands
(Cummins Engine Company Inc. goes for office lease)
Spec-sheds could return to Midlands
Gerald Eve believes speculative shed development could return to the Midlands within the next year after 500,000 sq ft of lettings in the past few weeks.
Cummins Engine Company has taken a 126,000 sq ft shed at Daventry Interchange in Northamptonshire from Tannen Group.
The engine manufacturer has an existing premises at nearby Sopwith Way, Daventry, but the firm has taken a five-year lease at the interchange and is paying [pounds sterling]1.11 per sq ft in year one and [pounds sterling]1.58 per sq ft in year two.
Gerald Eve advised Cummins; BurbageRealty and Budworth Hardcastle represented Tannen.
Meanwhile, Gerald Eve also advised on the Black Country's largest shed deal of the year, with Laing O'Rourke taking 130,000 sq ft at Trinity Point, Oldbury from Minton Group.
The building contractor took a three-year lease with an 18-month break.
The rental terms were not disclosed but are understood to be considerably below the [pounds sterling]3.50 quoting rent.
Laing O'Rourke took the entire building to house its modular building services arm Crown House Technologies and a number of its other subsidiaries.
Colliers and King Sturge advised Minton Group.
Richard Ludlow industrial agency partner at Gerald Eve said: "This is a further soaking up of existing stock in the Midlands which is the heartland of logistics.
"These deals have come hard on the heels of two other deals of 100,000 sq ft in Aldridge for private clients and 140,000 sq ft in Tamworth for Legal & General.
"If this trend continues one could again envisage the return of speculatively developed large sheds in the next 12-18 months."
Nick.whitten@estatesgazette.com
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