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April 2015 news archive

IM PROPERITES RAISES THE BAR WITH LETTING AT CAPABILITY GREEN, LUTON

IM Properties has set a new rental tone at the Capability Green business park in Luton having secured a letting to Oracle Corporation.

The full 10,800 sq ft top floor of Building 400 Capability Green – which has been fully refurbished by IM Properties – has been let to the hardware and software engineering IT firm on a 10 year lease. IM Properties achieved its quoting rent of £18.50 per sq ft.

IM Properties acquired three buildings on the 85 acre site – 400, 450 and 475 – in 2008 and has since undertaken a comprehensive, £1 million refurbishment of Building 400, bringing it up to Grade A standard and installing a contemporary reception and redesigned entrance.

Existing occupiers in Building 400 include Ernst & Young and TMF.

David Cook, IM Properties, said: “This letting to Oracle was secured only three months after completing refurbishment, which is a testament to the quality and desirability of the building and Business Park as a whole. It also demonstrates our commitment to investment in our real estate assets in order to ensure that we can fulfil their potential and secure the very best occupiers. 

“In line with our ongoing strategy to develop and add value to our strategic pipeline we will shortly be undertaking a similar programme of works at Building 450, delivering further quality Grade A office space at this desirable business park location.”

Providing 750,000 sq ft of office space, Capability Green is located just two miles from both Luton Airport and Luton Town Centre, with London St Pancras only 30 minutes away by train.

Capability Green features landscaped gardens, 24 hour security and a range of facilities including a café, gym, hotel and nursery. 

Joint agents for the scheme are Savills and RARE.

SPECULATIVE LETTING COMPLETES IM PROPERTIES’ SOLIHULL BUSINESS PARK

Award winning developer IM Properties has completed its Solihull Business Park development just 18 months after acquiring the site, with all units let, sold or under offer prior to completion of construction work.

The 54,000 sq ft unit on Plot 1 is the last of the three industrial and logistics buildings developed by IM Properties on the Park and has been let to global marketing company Innerworkings Limited on a 10 year lease. 

The deal to Innerworkings follows the letting of a new 30,000 sq ft manufacturing facility to V Installations on Plot 3 and the successful completion of the brand new 50,000 sq ft Customer Delivery Hub for John Lewis Partnership on Plot 2.

Lewis Payne, Development Director at IM Properties, said: “The letting and sale of all three of these units within 18 months of our acquisition of Solihull Business Park is a clear demonstration of rising demand within the industrial sector for high quality space delivered in an accessible prime location.

“The letting of this final unit marks the end of a very successful scheme for IM Properties, set in motion by the John Lewis Customer Delivery Hub – a first of its kind project for the company – which was a catalyst for the scheme and provided a great vote of confidence in the Park as a prime distribution location. The strength of market demand in this area set against the lack of supply has helped us to achieve strong rents on the scheme.

“We are delighted to welcome Innerworkings to the Park and wish them every success in their new home.  The quality of the building combined with the excellent location of Solihull Business Park should give Innerworkings an excellent base from which to serve customers in the UK and abroad.”

Innerworkings Limited is a global marketing execution company which offers creative services to take companies from an initial idea to a cohesive brand. 

IM Properties was represented by Savills and GVA, while Innerworkings was represented by CBRE.