REI to build new Costa Coffee at Topaz Business Park
Real Estate Investors plc (REI) has been granted planning permission for a drive-through Costa Coffee restaurant at Topaz Business Park on Junction 1 of the M42 just north of Bromsgrove.
Birmingham-based REI will now build the restaurant, designed by architects Corstorphine & Wright, for Costa Coffee which has taken a 15 year lease on an initial rental of £85,000 per annum.
Ian Clark, Director of Asset Management at REI, said: “With permission in place, we can now set about the next stage of the project, the build and delivery of a new Costa Coffee restaurant with completion scheduled for late 2023.
“This prime site is located on land within Topaz Business Park, which REI acquired for £4 million in 2018 from Worcester property developer Maximus.”
Topaz Business Park comprises ten high specification, modern units totalling 44,700 sq ft with tenants including M V Kelly, Handelsbanken, Toshiba and Instinctive Technologies.
The park is a low density development with 174 parking spaces and REI acquired the site with the intention of securing permission for further development on part of the site.
Stephen Summerfield at Stephen James Property advised REI and Donna Barnes at law firm Shakespeare Martineau acted for REI.
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For further information, please contact:
Paul Bassi, Chief Executive,
Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 265 6406 or 0121 212 3446
Prepared and issued by Andy Skinner at ASAP, 01608 651203, mobile, 07990 978257
About Real Estate Investors Plc
Real Estate Investors Plc (REI Plc) is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.37 million sq ft of commercial property, managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.
The company’s strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.