St. Modwen delivers 1m sq ft of industrial & logistics in 2017
St. Modwen has secured two major lettings at two of its industrial and logistics schemes to global companies which takes its total successfully completed developments in this sector to 1 million sq ft during the course of 2017. This is part of the company’s growing focus on this aspect of the property sector, delivering sites in areas of high demand across the UK.
From the company’s overall medium-term commercial pipeline, St. Modwen has identified 7.5m sq ft of high quality industrial and logistics projects deliverable over the next few years, and previously set the target to deliver 1m sq ft of industrial development during 2017, of which over half will have been sold or pre-let. This target has now been met.
The most recent letting was to well-known German multinational Robert Bosch Ltd having leased 36,846sq ft of newly developed space at Parkside Business Park in Doncaster. St. Modwen has also recently secured planning consent for the next phase of development at the 27-acre site, creating further potential assets in an area of high demand.
Bosch Automotive, part of Robert Bosch Ltd, is a leading global supplier of technology and services, and has agreed a 15-year lease of the property which will provide the base for a new automotive training centre. The business will commence a substantial fit-out of the unit and hopes to be operational in mid-2018 in what will be a flagship facility for the North of England and complement Bosch’s existing facility in Uxbridge.
St. Modwen has also secured global automotive manufacturing firm Grupo Antolin to expand its presence at Barton Business Park, near Burton-on-Trent to 183,000 sq ft of space. Grupo Antolin is a first-tier automotive supplier of interior trim systems and components to major OEM’s from multiple sites throughout the UK. The Spanish company currently occupies 70,000 sq ft at Barton Business Park, and recently signed a 15-year lease to expand its operations on site into a newly built 113,000 sq ft unit, adjacent to their existing plot.
Guy Gusterson, Property Director, Midlands and North for St. Modwen said:
“A strategic review of our business earlier this year identified the potential for industrial development across St. Modwen’s land holdings located alongside key infrastructure links in order to exploit the growing demand for space in this undersupplied market. Since then, we have made good progress in accelerating the delivery of our pipeline with approximately 1 million sq ft of speculative, pre-let and pre-sold assets completed during 2017.
“These latest substantial lettings are testament to our belief in the value to be captured from this growth sector and leave us confident in our strategy to continue pursuing attractive development opportunities in this space.”