BRISK BUSINESS AT COOMBS WOOD LEADS TO FURTHER DEVELOPMENT PHASE

A flurry of deals have been concluded at  Coombs Wood Business Park, Halesowen, the popular Black Country scheme, where St Modwen Properties is in the final stage of development.

Newlands Contract, floor covering wholesaler distributor and regional  group distributor for Uzin group, has acquired a  556 sq m ( 5,986 sq ft )  industrial unit for £341,000, Amvar, a distributor of forklift trucks, materials handling and storage, and workplace products,  has bought a similar 477 sq m ( 5,133 sq ft ) building for £295,000 and Ibex Worldwide has taken a ten-year lease on a same sized building at a rent of £5.25 per sq ft.

The rise in demand for occupation at the 46-acre park has led to a further planning application being submitted for the development of four two-storey office buildings totalling 1,598 sq m (17,200 sq ft).

It is hoped that construction of the offices, from 196 sq m ( 2,110 sq ft ) to  482 sq m (5,193 sq ft)  to be offered for sale or to lease, will begin in mid-summer and be ready for occupation before the end of the year.

Ian Romano of St Modwen, said that planning consent has been granted for a 743 sq m ( 8,000  sq ft ) office building on which it is hoped to conclude a deal shortly. “We currrently have one warehouse unit of  665 sq m (7,155 sq ft)  available with remaining plots being developed out for offices,” he added.

NAI Fuller Peiser acted for St Modwen on the sales and lettings. With Jarvie Bendall Dixon, they are joint agents for the new office scheme.

For further information contact Ian Romano on 0121 222 9400. Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).