Rockspring, on behalf of its Hanover Property Unit Trust, has prelet its Chrome 102 distribution development at Minworth, Birmingham, to DHL on a 15-year lease, with a 10-year break clause.
Elsewhere in the fund’s logistics portfolio, Rockspring has also secured planning permission which will enable it to commence the funding of 270,000 sq ft of speculative development at Cransley Park, Kettering.
Hanover acquired the 5.5-acre development site in Minworth in December 2014 and is funding the development of Chrome 102, a 102,750 sq ft distribution warehouse, with logistics and industrial developer Bericote Properties Limited.
The site adjoins ProLogis’ Park Midpoint industrial and distribution park.
Separately, Hanover has exchanged an agreement with landowners and developers St Francis Group at Cransley Park, Kettering, where detailed planning consent has been secured for the development of five distribution units, totalling 270,000 sq ft.
Construction will start on the 15-acre site in the summer 2016 and the units are expected to be delivered into the market early in 2017.
The site is well-located at the junction of the A14 (J8) and the A43 and will offer prospective tenants a range of unit sizes from 25,000 sq ft to 100,000 sq ft. Prop-Search and Lambert Smith Hampton have been appointed as letting agents.
Rod Mordey, Head of UK asset management at Rockspring, commented: “This has been a very active and successful period for Hanover on a number of fronts. The letting to a global company like DHL is testament not only to the quality of the development we have overseen at Chrome 102, but also to our careful stock selection and strategy to deliver a well-located, prime distribution warehouse into an undersupplied market.”
JLL and Lambert Smith Hampton were the letting agents for Chrome 102.
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