First Pre-Let at Vale Park West
Birmingham-based Stoford Developments has successfully pre-let the largest of four units that make up the first phase of its new Vale Park West office, industrial and warehouse scheme in Evesham, which is being developed in conjunction with LaSalle Investment Management.
The “mystery occupier” will be moving into the 75,000 sq ft unit at the 40-acre extension to Vale Park in the booming M5 corridor this summer after signing a 10-year lease with an option to break at the end of the fifth year.
The 12-metre high distribution unit is being built to the highest standards with five docks, two level entry loading doors and a self-contained 40 metre yard with separate parking.
It is superbly located fronting the A46 Evesham by-pass, which affords direct access to Junction 9 of the M5 to the south, the M40 to the north-east, and Junction 3 of the M42 to the north via the A435.
Jason Adderley, Stoford Director, said: “This pre-let shows that even in the current state of the financial markets there is still strong occupier demand for high quality units that offer the right specification, the right amenities and the right location.”
Stoford is also reporting strong interest in the three other units of 18,000, 24,500 and 30,000 sq ft in the first speculative phase of Vale Park West that are scheduled for completion by August 2008. The new scheme will eventually offer up to 850,000 sq ft of office, industrial and warehouse space.
Adrian Rowley of joint agent Alder King added “Although it is frustrating to have to keep the identity of our first occupier under wraps, we hope to be making further announcements shortly on this and other deals at the site.”
With other nearby schemes at Stonebridge Cross in Droitwich and Ravensbank in Redditch, Stoford acquired 40-acre Vale Park West in association with LaSalle Investment Management from Cirrus Properties and Barberry Developments as one of its largest land transactions in recent years.
Agents for Vale Park West are the Gloucester office of Alder King and the Birmingham office of Atisreal.
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