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Sector Focus


Property


Midlands is top of the charts for industrial lettings


The region continues to lead the UK in industrial lettings – with more than 5.5 million sq ft of activity completed during 2017. According to real estate firm


GVA, the East Midlands saw approximately 3.5 million sq ft of transactions over the course of the year, with the region as a whole making a significant contribution to the annual total of 20.6 million sq ft. While this is below the record-


breaking 27.5 million sq ft of activity seen in 2016 – which was driven predominantly by online retailers – it is close to the 10-year average of 21.1 million sq ft. The data comes from GVA’s


latest industrial intelligence report. Published twice annually, the report focuses on investment and occupational transactions of modern and new units over 100,000 sq ft.


New care home for Solihull


Solihull Council has sold a 1.4- acre site to care home provider Sanders Senior Living. The site, in Warwick Road,


Olton, was formerly the council-owned Brookvale Care Home, which was demolished two years ago. Sanders Senior Living, a


sister company of Runwood Homes, will build a 77-bed care home on the site. The proceeds of the sale


will go towards a new council care home at Tanworth Lane, Shirley. Joe Williams, associate in


Cushman & Wakefield’s residential team, who acted for the council, said: “The site appealed to a wide range of developers primarily from the residential, retirement living and care sectors. “The sheer number and


quality of bids reflects the strong appetite that currently exists for sites in Solihull and its surrounds. “The scheme proposed by


Sanders Senior Living will deliver more valuable, high quality care facilities for the borough.”


64 CHAMBERLINK May 2018


Going swimmingly: How the Kent Street Baths scheme will look


Lupa Land Ltd has been given the green light to deliver 504 new homes in the Southside area of Birmingham. Bounded by Bromsgrove Street,


Gooch Street North, Kent Street and Henstead Street within the Gooch Estate, planning has been granted for 406 build-to-rent apartments and 98 homes for private sale at the 2.25 acre site of the former Kent Street Baths.


Designed by Glenn Howells


Architects, the scheme includes a mix of studio, one, two and three bedroom apartments across five buildings, as well as a private residents’ courtyard, a central three storey community hub and flexible commercial space on the ground floor. Conal Long, investment director


at Lupa Land Ltd, said: “Kent Street Baths represents our first


investment into residential property in Birmingham and as such, securing planning consent is a significant milestone for us. “Our aim is to create high quality


housing that is both sustainable and accessible for modern living with Kent Street Baths set to be a thriving, sustainable and professionally managed rental community with a strong amenity offer.”


‘One of the key issues in this sector remains that of supply’


The Midlands recorded the


largest transaction of the second half of the year, which saw 850,000 sq ft let to transport firm Eddie Stobart at Corby’s Midlands Logistics Park. In terms of headline rents, the Midlands is recording values of £6.50 to 6.75 per sq ft, behind only the South East. GVA’s David Willmer said: “The Midlands continues to be one of the most attractive locations for industrial and distribution sector occupiers, with unparalleled access to transport networks. “While it is always pleasing to


see this level of activity in the region, it also underlines that one


David Willmer: Midlands remains an attractive location


of the key issues in this sector remains that of supply.” In the UK as a whole, there is


currently 24.3 million sq ft of space available, which equates to around 14 months’ supply. In the Midlands, there is just under 12 million sq ft available.


Mr Willmer said: “There is


competitive bidding taking place for new sites, with much of the new supply coming to the market over the next few months likely to be from mid-sized speculative developments in the 30,000 to 80,000 sq ft space.”


Housing plans for Southside


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