We acted as joint agents on behalf of Nottinghamshire County Council Pension Fund and Aberdeen Property Investors, letting three modern warehouse units at Crosspoint Business Park, Coventry.
We were instructed to source tenants for two vacant buildings following a lease expiry and tenant entering administration.
Disposal of 65,536 sq ft secures 100% occupancy
Our Birmingham and Northampton offices delivered in-depth occupier knowledge and marketing advice to dispose of 65,536 sq ft, resulting in a 100% occupancy rate for the industrial park.
High profile occupiers attracted to industrial park
In addition, Units 5 and 6 were let to Timbmet who had sub-let to Tata Motors European Technical Centre (TMETC). We brokered a surrender of Timbmet’s head lease with the simultaneous re-grant of a new lease.
Improving investment value
Strong headline rents of £5.50 sq ft were achieved along with attractive covenants in the form of Fedex and Tata Motors, therefore improving the park’s investment value.
The terms agreed on the new lettings will provide excellent comparable evidence for upcoming rent reviews, allowing for potential uplifts in rents on the occupied buildings.