Six Year Investment delivers top employment location for the region
One of Birmingham's most successful employment locations is now all-but full - as the last three speculative units complete at IM Properties' (IMP) The Hub.
IMP acquired the 90-acre Witton site in 2013 and transformed it into a thriving employment park employing circa.1500 people and attracting big name occupiers including Argos Online, EEF, TNT and Kitchencraft.
IMP's Development Manager, Richard Sykes, says close to 900,000 sq ft of new Grade A space for distribution, logistics and manufacturing uses has been delivered by IMP since they took ownership, representing an investment of £58m following site acquisition.
“It's been a remarkable journey for the last six years at The Hub, and now there are just three buildings left to be occupied. he said.
“Our three agents, CBRE, Knight Frank and Savills, report good interest in the 100,000 sq ft building from major businesses, whilst expecting strong interest from local manufacturing and urban logistics occupiers for the 30,000 sq ft Hub 30 and 22,000 sq ft Hub 22.”.
The Hub is also home to a 244,000 sq ft purpose-built facility which houses the city's new wholesale markets, which IMP delivered in partnership with Birmingham City Council. The site is also the home of the UK's first Electricity Cost-Neutral building (ECN), which was let before practical completion to Argos Online and won two major innovation awards.
“As a local company and major investor in the region, it's exciting to see the ambitions we had for the site when we acquired it in 2013 have become a reality. The Hub has transformed and become one of Birmingham's largest employment locations home to recognised occupiers, which we are proud of,” admitted Richard.
“When IMP bought The Hub, it had all of the right elements to be successful, with its location as a prime urban logistics site, its access to motorway links and the huge pool of labour within a 30-minute drive, but it was also clear that for the site to realise its potential, it would require very significant investment.
“The success of The Hub is testament to IM Properties vision and expertise in being able to realise the potential of sites, and to work hard to innovate and deliver best in class facilities.”
For IMP the timing of the final phase of development at The Hub coincides, with the business’s focus shifting towards the delivery of the first phase of Peddimore in partnership with Birmingham City Council which will also be a major economic and social asset for the region.