Global delivery and logistics company UPS has signed a deal to open a new warehouse in the West Midlands.
The company, headquartered in Atlanta, as agreed to take a 152,500 sq ft warehouse on Birch Coppice Business Park near Tamworth, just weeks after owner IM Properties broke ground on the site.
The speculatively built unit includes 7,500 sq ft offices and has been let on a 15-year lease at a rent of £6.15 per sq ft. UPS already rents space at the park in Dordon.
Units totalling almost 500,000 sq ft have been let at Birch Coppice prior to practical completion during the last 18 months following the completion of similar deals to DAU Draexlmaier and Bunzl.
Kevin Ashfield, senior development director at IM Properties, said: "There was strong demand for this unit as demonstrated by the agreed rent, which we believe to be one of the highest achieved in the region, driven by both the quality of the location and lack of availability.
"Our decision to commit to this speculative development means that the building will be completed within the timescales required for the occupier, emphasising that few occupiers can afford to wait for design and build solutions.
"IM Properties' strong cash position enables us to bring our land bank forward through continued speculative development across our portfolio of industrial sites with development underway on a 54,000 sq ft unit at Solihull Business Park, which is due to complete in December."
