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BIRMINGHAM-Development Securities has pulled off a double whammy in Birmingham. Not only has it signed an agreement with United Bank of Kuwait on behalf of its client, Gravitas Holdings, for the £5 million ($7.25 million) forward funding of Wellington House, its 24,000-sf prime office building at Birmingham International Park, but it has prelet the building to serviced office provider Executive Communication Centres. The letting deal was agreed on a 20-year lease at a rent in excess of £18 ($26.10) per sf.

Wellington House is the final development to take place at Birmingham International Park and concludes a development programme in excess of 500,000 sf in recent years at this location. Practical completion is scheduled for Summer 2002.

The ark is set over 43 acres next to Birmingham International Airport and Birmingham International Railway station, and is less than two miles from the M42/M6 intersection.

Julian Barwick, Joint Managing Director of Development Securities said: ‘Over the last two years we have made considerable progress at Birmingham International Park in a fiercely competitive West Midlands market.’

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