M&G REAL ESTATE SECURES FIRST LETTING AT IMPERIAL PARK, COVENTRY
M&G Real Estate, one of the UK’s leading property investors, has secured the first letting at Imperial Park in Coventry to leading offsite provider for the construction industry, Innovaré Systems Ltd. Innovaré will take 64,000 sq ft on a 10-year lease at the new scheme, which was developed by M&G Real Estate.
Imperial Park is a speculative development of three Grade A warehouse distribution units of 348,498 sq ft, 166,269 sq ft and 64,096 sq ft respectively, totalling over 575,000 sq ft across the scheme, which completed in May this year.
The scheme is located in the ‘Golden Triangle’ of logistics warehouses, just four miles from Coventry city centre and with immediate access to a number of major road systems, as well as Coventry airport. Imperial Park is designed to meet growing occupier demand for high quality warehouses with excellent accessibility to the UK’s regions and major cities, with over one million addresses within a thirty-minute drive.
It has been built to market-leading specification, having been designed to achieve BREEAM ratings of ‘Very Good’ and EPC ratings of ‘A’. Colliers International and MWRE acted for M&G Real Estate. Vail Williams acted for Innovaré Systems.
David Crowley, Head of Industrial & Logistics at M&G Real Estate, said: “We are delighted to announce the first letting at Imperial Park, which underlines the strength of both the location and specification of the scheme. This is a real vote of confidence in the speculative development, and we have received strong levels of interest in the remainder of the scheme. We are looking forward to announcing further lettings soon.”
Peter Blunt, Managing Director at Innovaré Systems Ltd said: “We are pleased to work with M&G Real Estate on this expansion, which will allow us to grow our factory, where we will continue to provide flexible and bespoke offsite solutions to our customers. Innovare is the market leader in using panelised offsite techniques to simplify the construction and speed up the process to deliver exemplar buildings.”
