A 207,340 sq ft warehouse/distribution unit speculatively developed in The Midlands’ ‘Golden Triangle’ has reached practical completion, leading asset manager BlackRock and its development manager, commercial property developer Stoford, have announced.
The £12 million industrial logistics development known as Carbon 207 – funded by BlackRock’s UK Property Fund – at Siskin Drive, Middlemarch Business Park, Coventry, could create dozens of new jobs and bring further investment to the city.
Stoford joint managing director Dan Gallagher said: “We are delighted to announce that this important development has now reached practical completion.
“The demand for high quality warehouse and distribution accommodation in the West Midlands is such that we have great confidence in the market and we are therefore expecting high levels of occupier interest. Given the shortage of new Grade A logistics space and the number of firms looking to relocate to the region, we expect to be able to confirm an occupier in the near future.”
Middlemarch Business Park lies within the Midlands’ ‘Golden Triangle’, located adjacent to the A45 and Coventry Airport, by the Toll Bar junction. It is a well-located distribution park extending to more than 100 acres, with occupiers including Unipart, Volvo, Walkers Crisps, Gist and Parcelforce.
Matthew Wheeldon, director of BlackRock, said: “The speculative development of good quality logistics space in prime, supply-constrained locations is one of BlackRock UK Property Fund’s key strategies and having partnered successfully with Stoford, we’re delighted to be delivering a quality product to market whilst adding another prime piece of real estate to our UK portfolio.”
Construction is also now underway on a second speculative development by the Stoford BlackRock team close by at Siskin Parkway West, called Carbon 103 and is expected to reach practical completion at the end of this year.
Stoford is a leading specialist in warehouse and distribution development. It has delivered over 12 million sq ft of pre-let development and in 2016/17 has more than 3.4 million sq ft of pre-let space under construction throughout the UK.