LondonMetric leases Tyseley development to mystery retailer

Property group LondonMetric has leased its Tyseley development near Birmingham to an unnamed retailer on a new 15-year lease at an annual rent of £1.6m.

LondonMetric said on Tuesday that the 120,000 square foot last-mile logistics warehouse would mark the completion of the Tyseley development scheme, which will now extend to over 250,000 square foot.

The FTSE 250-listed group highlighted that the rent of roughly £14.0 per square foot reflected "a very low site cover" of 24%, which accommodates the occupier's need for vehicle parking and movement.

"Planning consent has been received and construction is expected to commence imminently with completion anticipated in summer 2021," said the firm.

LondonMetric also noted that the warehouse would target a BREEAM Excellent rating and was designed to allow the occupier to adopt a fully electric vehicle delivery fleet.

As of 0815 GMT, LondonMetric shares were down 0.81% at 219.80p.