Wolverhampton Business Park is the premier business and office park in Wolverhampton. Although initially this Park, located within 200 yds of junction 2 of the M54 motorway, entered the market as a local/regional development, more recently it has attracted high quality investment from further afield and is now recognised on a more regional/national basis.
Bulleys have been an integral part in the development of Wolverhampton Business Park over the past 5 years. Working with the client which is a joint development between B & R Properties and Peveril Securities Ltd, the activity has been unprecedented for office property in the Wolverhampton area. This has been helped by the facilities on the Park which include an “Esporta” Health & Fitness Centre, a Whitbread Travel Inn and a Brewers Fayre Pub and Restaurant. Also a children’s nursery is planned for the Park shortly.
The first phase of office development at the Park was Venture Court, which was completed approximately 5 years ago where rents reached £13.50 per sq.ft. This phase amounted to approximately 30,000 sq.ft. in 2 buildings of equal size. More recently approximately 2 years ago, Charter Court was developed and rents had then increased to £15.50 per sq.ft. This phase of the development comprised 3 office buildings amounting to just over 30,000 sq.ft. The latest stage of development is known as Trinity Court which is currently under construction and due to be completed in August this year. The design team have ensured that a more state of the art contemporary feel has been incorporated into this phase. Trinity Court will amount to 50,000 sq.ft. in 3 buildings. Building One is 20,000 sq.ft. and has been pre-let to Edeus in its entirety off an asking rent of £16.50 per sq.ft. Building Two amounts to 18,000 sq.ft., 10,000 sq.ft. of which is under offer to a blue chip covenant off the same asking rent, which leaves 8,000 sq.ft. available in this building. Building Three amounting to 12,000 sq.ft. is pre-let off an asking rent of £16.50 per sq.ft. to another high quality institutional covenant. The fact that some weeks prior to practical completion, 42,000 sq.ft. of the 50,000 sq.ft. being developed is either let or under offer at substantially increased rental levels is further proof that Wolverhampton Business Park is now being considered on a regional/national basis.
Bulleys are now advising in conjunction with the marketing team on the next phase of development at Wolverhampton Business Park which will be announced.