UKRI H2 2023 Update

Current initiatives include the development of a new industrial unit at Hastingwood Business Park, which is located in one of the prime industrial locations in the UK close to the M6 in central Birmingham.  Although a small unit, it is forecast to achieve a record rent for the estate and help establish a higher rental tone. Also at Hastingwood is a feasibility study to convert some of the redundant office and first floor space into self storage, taking advantage of an emerging market. 

Another core focus for the Vehicle is to establish a programme of works to monitor and improve the energy efficiency of the buildings which will be monitored through the EPCs. Phase One is to carry out a full audit of the current EPC ratings and estimate a cost to improve them across the board to A-C.  This phase of the work is almost completed whereupon a a programme of works will be timetabled to carry out the works needed to make the improvements where possible. 

Despite being in a quarter where the UK entered into a technical recession occupational demand for multi let industrial remains robust.  Agents continue to record strong demand for any vacancies that do occur and while things are generally taking slightly longer to transact on the whole ERV's are still exceeding the base case business plan.