The new owners plan to substantially regenerate this historic Birmingham landmark site over the next few years for a range of uses. The new scheme--to be called Lion park--will provide 2 million sf in a range of units sizes up to 1 million sf. The first pre-let has already been agreed with IMI Components taking a prelet 90,000-sf production facility at £5.50 ($9) per sf.
Martin Taylor, Investment Director at Prudential said: "Lion Park will offer flexibility for the future, appealing to the widest cross-section of potential occupiers. The significant on site utility infrastructure is of substantial benefit." Work on site is expected to commence in July 2003.
Dovebid Bache and DTZ Tie Leung acted on behalf of IMI. Knight Frank acted for the Frontier/Opus joint venture on the acquisition.
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