LondonMetric Property Plc - Pre-let Agreement
This content has been sourced from: https://www.investegate.co.uk/londonmetric/rns/120...
LONDONMETRIC AGREES 120,000 SQ FT URBAN LOGISTICS PRE-LET
LondonMetric Property Plc ("Company") announces that it has exchanged contracts with a global retail company on a new 15 year lease at an annual rent of £1.6 million, subject to upward only inflation linked rent reviews, at its Tyseley development near Birmingham.
The 120,000 sq ft last mile logistics warehouse will mark the completion of the development scheme, which will now extend to over 250,000 sq ft.
The rent of c.£14 psf reflects a very low site cover of 24% which accommodates the occupier's need for vehicle parking and movement.
Planning consent has been received and construction is expected to commence imminently with completion anticipated in summer 2021. The warehouse will target a BREEAM Excellent rating and is designed to allow the occupier to adopt a full electric vehicle delivery fleet.
The site was acquired by the Company as part of its Mucklow acquisition and is located a few miles south east of Birmingham city centre and within close proximity to the M6/M42.
Andrew Jones, CEO of LondonMetric, commented:
"This is a fantastic pre-let and we look forward to creating a state of the art urban logistics facility. The location and flexibility of our site will help ensure that this becomes one of the most efficient fulfilment facilities within the Birmingham area."