June 4, 2021
Opus Land and Fiera Real Estate (“FRE UK”) are delighted to announce the acquisition of a 2.95 acre site on Planetary Road in Wolverhampton to construct an ESG exemplar Grade A 25,000 sq.ft office building and 5,300 sq.ft warehouse. The pre-let forward funding was purchased by the Fiera Real Estate Long Income Fund UK (“FRELIF UK”).
Opus Land, the leading midlands development and investment firm has secured planning permission for the two-storey building which will house 150 workstations together with meeting rooms and welfare facilities for hundreds of employees and contractors. The office specification will include raised floors, suspended ceilings, VRF heating and cooling systems and LED lighting.The scheme, set to become one of the most significant regional HQ facilities in local area is located in a prominent position on Planetary Road, approximately 1.5miles away from Wolverhampton city centre and conveniently placed within a 30-minute drive to Birmingham city centre.
As with all Opus Land and FRE UK schemes, environmental and social values are at the heart of the design and the scheme will be targeting BREEAM Excellent and an EPC rating of A. Other sustainable features will include solar panels on the roof to supplement power supply, rainwater will be harvested for toilet flushing and 10 per cent of car parking spaces will have EV charging points.
Cadent Gas Ltd, the largest gas distributor in the UK have signed a 20-year pre-letting on FRI terms and subject to five yearly RPI rent reviews collared at 2% and capped at 4% per annum, compounded annually. The facility will bring together on one site two existing functions making it the regional hub for Cadent’s ‘West Midlands’ network, which covers Congleton to Hereford, and the M1 to the Welsh borders. The gas network manages 15,000 miles of underground distribution pipes in its West Midlands network, as well as providing the region’s 24/7, year-round gas emergency service.
Construction is due to start later this month and complete by January 2022.
Tom Edgar, Development Director of Opus Land, commented “We are delighted to be delivering a second property solution for Cadent Gas, following the provision of Cadent’s new 95,000 sq.ft headquarters at Prospero Ansty Park, developed in partnership with Edinburgh based Manse LLP and due for completion in December this year.”
Rupert Sheldon, Fund Manager of the Fiera Real Estate Long Income Fund UK commented “We are delighted to be working with Opus Land and Cadent to support the delivery of such an important new regional HQ project. The long, strong and progressive income generated an investment grade credit, together with the building’s strong ESG credentials, fits perfectly with the Fund’s overall goals and objectives.”