HBD’s Origin JV lets 320,000 sq ft in trio of Midlands deals

The joint venture between Henry Boot’s development arm and Feldberg Capital has tied up a hat-trick of regional lettings, the pick of the bunch 250,000 sq ft taken by Relay Tech at SPARK Walsall.

This is one of two units let at SPARK, the 13-acre £53m development just off the M6.

Relay Tech, a UK logistics business, has taken a 250,000 sq ft unit to support the enhancement of its delivery network, while an unnamed energy supplier has leased a 18,300 sq ft unit as it expands its engineering and infrastructure hubs.

These units represent phase one of SPARK, making it fully let. A second phase of work has now begun, with construction on a further 101,341 sq ft across three units now under way. The final tally once the full development is complete will be 620,000 sq ft.

At Markham Vale, Derbyshire, a 53,800 sq ft I&L unit within the second phase of ARK has been pre-let to a manufacturing business. The new unit, due for completion next month, will enable the occupier to consolidate its operations in a workspace with direct access to the M1.

The occupier will follow Capital Angling into ARK, the latest stage of development at the Markham Vale logistics hotspot. Capital Angling committed to 17,000 sq ft last October.

Ed Hutchinson, chief executive of Henry Boot, said: “Securing these significant lettings reflects both the quality of the Origin portfolio and the depth of occupier demand for modern, sustainable industrial and logistics space in well-connected locations.

“Each deal has set new headline rents in its respective location and further supports our confidence in the portfolio’s income and capital growth potential, as we continue to deliver projects aligned with the needs of leading occupiers.”

Following the 322,100 sq ft of Midlands lettings, and an 82,000 sq ft deal with Virgin Wines at APUS near Preston, 66% of Origin’s 711,000 sq ft current total portfolio is either let (59%) or under offer (7%).