THE race is on to find an occupier for the biggest available industrial unit in the Midlands.

If Opus Axis, a 460,000 sq ft industrial scheme at the Centrum 100 Business Park, does not find an occupier within six months then its owners will be liable for empty property rates of around £1m per annum.

The building, which represents an investment of over £27m, was launched by developer Opus Land on May 21.

Over 50 senior industrial agents and property professionals came from up and down the country to visit Burton to get a feel for the biggest shed on the market in the Midlands.

The facility is being marketed jointly by North Rae Sanders, GVA Grimley and Jones Lang LaSalle, who are competing to find an occupier and clinch a deal before the end of this year.

The guideline rental for the building is £5.25 per sq ft, meaning that an occupier would be paying an annual rent of £2,415,000.

Although Opus Axis is being primarily marketed to leasehold tenants in the retail and third-party logistics sector, it is understood that the developers would consider offers in the region of £32m for the freehold of the building.

Opus Land acquired the 23.5-acre site at the end of 2006 for £22.6m. It included the 300,000 sq ft former Littlewoods Distribution Centre, which has been speculatively refurbished and extended to the current size.

The scheme was funded by Palmer Capital Partners through their Palmer Active Value Fund.

The company has invested £5m on modernising and enlarging the building by some 160,000 sq ft.

This work began in September 2007 and included the introduction of a cross-docking facility, meaning that goods can come in one door and out of the other, spending as little time as possible in the warehouse.

It now measures 462,636 sq ft, which includes 447,674 sq ft of warehouse space, a 10,000 sq ft two-storey office and two hub offices, measuring 2,239 sq ft and 2,723 sq ft.

Depending on the use to which it is ultimately put, the building has the potential to employ as many as 350 people.

Gareth Williams, development director at Opus Land, said: “Opus Axis boasts an unrivalled spec when compared with other speculatively built units of its size.

“As such, it will have broad appeal to prospective occupiers in all sectors and will reduce their set up costs considerably.”

Strategically located on the A38, the 22.3-acre site offers direct access to the M42 and M6 toll and to the M1 and M6 via the nearby A50.

Agents have already reported interest from retailers and third-party logistics operators desiring a national or regional distribution centre.

Potential occupiers and agents alike are aware that large-scale speculative developments of this kind are few and far between and unlikely to become more common.

The fact that developers are liable for business rates after the six-month grace period expires means that large speculative schemes such as Opus Axis represent a far greater financial risk.