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Brand new estate in Rugby sets new standards

November, 2022

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Contact: Tom Drake

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Stepnell Park Rugby is now fully occupied following the final letting to telecommunications company City Fibre.

The most recent deal concludes the marketing of the high spec trade, warehouse and industrial scheme, developed by Rugby based developer Stepnell Limited.

The estate, located close to the town centre and within easy reach of the M6 and A45, comprises 10 high specification units ranging in size from approximately 5,000 to 26,000 sq ft and provides a total of over 80,000 sq ft. The units have been built to a grade-A specification, which includes 7.5m haunch heights and ‘green’ energy technology including photo-voltaic panels – which are estimated to save occupiers approximately 20% of their electricity costs.

Throughout construction of the development, Stepnell focussed on reducing the carbon footprint including through storing cut and fill material from earlier phases to be reused later in the project. This reduced the emissions of exporting materials from site and ultimately limited its carbon footprint. The strong demand for the buildings is indicative of the wider market, with occupiers increasingly keen to acquire premises offering strong green and ESG credentials.

A range of occupiers have taken units on the estate, including Offgrid Energy, Tool France, City Fibre and UK Storage, and are expected to provide c. 100 jobs to the Rugby area.

Drake & Partners acted as letting agents on the scheme along with Avison Young.

Tom Drake, Partner at Drake & Partners said “Despite the scheme completing just as Covid hit, it has proved popular throughout and let up quickly once the market was able to get going again. It has been a fantastic example oh how getting the product right and not cutting corners on the specification, future proofs a development and maintains demand in both buoyant and tricker times”.

Chris Hobday, Associate Director at Avison Young commented “The units have received good demand from day one of marketing, owing to the quality product and real scarcity of good units of this size in the town. It’s great to see the estate fully let and at rents which set an excellent benchmark for further phases of the scheme.”

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