Lothbury Investment Management, on behalf of Lothbury Property Trust, has signed a 10-year lease with Network Rail Infrastructure Ltd. on Unit 1 at Birmingham’s Meteor Park, at what is believed to be a record rent for second hand mid-box property in the region.
The 35,777 sq ft property was let at a headline rent of £7.25 per sq ft, realising an annual rent of £259,383. The unit, constructed in 2008 with 9m eaves, is strategically located adjacent to Junction 6 of the M6 and approximately 3 miles from Birmingham City Centre.
Perry Linch, head of asset management at Lothbury Investment Management, said: “We believe this sets a record rent for secondary mid-box industrial space in Birmingham, being only 25p per sq ft below quoted new build properties. It is an excellent deal for Lothbury at one of the Fund’s top performing assets.”
He added: “Meteor Park has been in the Lothbury portfolio since 2014. Unit 1 had had only one previous occupier, EOS Works Ltd., and had been refurbished to what was, effectively, as new condition. We received good interest in the unit and are delighted to welcome Network Rail on to our estate.”
Other occupiers at Meteor Park include Restore plc, Toyota Tsusho UK and TT Assembly Systems.
Harris Lamb and CBRE acted for Lothbury; BNP Paribas acted for Network Rail.
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