(Alliance News) - LondonMetric Property PLC on Tuesday announced a new 15-year lease with an unknown global retail company at its Tyseley development in Birmingham for an annual rent of GBP1.6 million.
The site where the now-leased 120,000 square feet logistics warehouse is located was bought by the British property company as part of its A&J Mucklow PLC acquisition in 2019. The lease marks the completion of its Tyseley development scheme, which will extend to more than 250,000 square feet.
LondonMetric said the rent of approximately GBP14 per square foot reflects a low site cover of 24%, which "accomodates the occupier's need for vehicle parking and movement." It also has received planning consent and will commence construction on the warehouse shortly, anticipating completion in the summer of 2021.
Chief Executive Andrew Jones said: "This is a fantastic pre-let and we look forward to creating a state of the art urban logistics facility. The location and flexibility of our site will help ensure that this becomes one of the most efficient fulfilment facilities within the Birmingham area."
Shares in LondonMetric were up 0.6% at 223.00 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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