Goodman has announced the signing of a new 38,646 sq ft lease to Norman Hay plc at Lyons Park, a joint venture project with LaSalle Investment Management. Lyons Park offers 800,000 sq ft of new industrial, distribution and hi-tech development opportunities.
Norman Hay, a global specialist chemicals, sealants, surface coatings and engineering group, has taken 38,646 sq ft of industrial space on a 15 year lease. The newly developed building (Unit C) was completed at the end of January and will serve as the company’s new head office.
The letting to Norman Hay is the second transaction to date at Lyons Park, following a 32,280 sq ft lease signed earlier in the year with Impression Technologies, a leading high temperature metal forming specialist to occupy Unit E – a 32,280 sq ft industrial and warehouse development.
It is expected that Norman Hay will complete the move to its new head office by 1 July 2016.
Vic Bellanti, Chief Executive, Norman Hay plc, said:
“Our move to a new site on Lyons Park marks an exciting new chapter for Norman Hay. Godiva Place has been the location of our head office for more than 25 years but the business has now outgrown the site. Lyons Park maintains our long-term commitment to the city of Coventry but provides us with the space to continue growing our business.
The new head office will accommodate a modern laboratory, suite of offices and ample space for our manufacturing teams, all set within a contemporary environment.”
Lyons Park Coventry is a new 800,000 sq ft industrial park offering industrial, distribution and hi-tech development opportunities. The site which extends to some 60 acres, is the regeneration of the former Jaguar works, Browns Lane plant and fronts the A45 highway, the key arterial route running between Birmingham and Coventry. It is being delivered in partnership with the Homes & Communities Agency (HCA).
Construction of phase one of the development completed in November 2015 and comprises 214,600 sq ft across five units ranging in size from 32,000 to 83,000 sq ft.
Goodman Development Director Nigel Dolan said:
“The development at Lyons Park – the largest of its kind to be built in the Midlands since 2008, offers companies in the region the opportunity to expand while also attracting inward investment from businesses across the UK.
“There is a severe shortage of supply of modern, Grade A industrial space in the UK, particularly in Coventry and the West Midlands. The space newly developed at Lyons Park has been carefully developed to cater for a range of different size requirements in a prime strategic location fronting the A45, within easy reach of the M45, M6 and M1 motorways."
Edd Fitch, National Director at LaSalle Investment Management, said:
“Our two new customers underscore our belief that there was a gap in the Coventry market for modern mid-size industrial units. We have strong interest in the three remaining units and anticipate that the new space at Lyons Park will be fully-let by the end of the year.”
Savills, CBRE and Avison Young advised Goodman.