Birmingham Office Forward-Funds On Back Of Prelet

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.