Developing a 45,000 sqft extension for a new tenant
09 Jul 20
Logicor secured a tenant for a vacant property with a void period of just 6 weeks and subsequently expanded the property by a further 45,266 sqft with a new long term commitment from the tenant.
Logicor acquired this unit with an in-place lease to a local company. Following the insolvency of the former tenant during the recession, Logicor brought this high quality unit in a prime West Midlands location to market.
Logicor was able to secure a long term lease to Sertec with a void period of just six weeks. Sertec is a leading machined parts supplier to the automotive sector. Sertec was willing to take a long term lease at the unit in such a short space of time due to Logicor’s ability to provide the comfort Sertec required that Logicor would continue to work with them as their business expanded to support their projected growth. Within eighteen months of the initial letting Logicor completed a 45,266 sq ft extension to the unit.
Logicor secured a long term lease at the unit with a minimal void period and subsequently expanded the building to support the tenant’s continued growth. Following the initial letting, Logicor created further value for both the tenant and the Landlord by expanding the unit with Sertec taking a new longer term commitment from completion of the extension works.