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Contract Wins and Joint Ventures

St Modwen secures letting at Burton Gateway

18 August 2017 09:34

Regeneration specialist St Modwen has secured the first letting at Burton Gateway commercial business park in Burton-on-Trent, one of the largest warehouse developments in the Midlands.

Hellmann Worldwide Logistics will become the first tenant at Burton Gateway.

The company has taken a 10-year lease at the 87,716 sq ft unit, known as BG87, which was developed speculatively.

Previously a 280 acre wasteland site, St Modwen carried out extensive highway works to support the regeneration of the area.

St Modwen has also recently submitted a detailed planning application for the first phase of development at its 35 acre site close to the M42, known as Tamworth Logistics Park.

Phase one comprises 90,000 sq ft of three proposed which units between 12,375 and 49,000 sq ft while outline planning consent for industrial, storage and distribution uses for the full 677,000 sq ft site was obtained in January 2017.

Burton Gateway and Tamworth Logistics Park are part of St Modwen's growing focus on the development of industrial and logistics sites in areas of high demand across the UK.

St Modwen has identified 7.5m sq ft of high quality industrial and logistics projects deliverable over the next few years.

During 2017 the company expects to develop 1 million sq ft of industrial and logistics space across its UK portfolio, of which 50% is already sold, let or pre-let.

At 9:34am: (LON:SMP) St Modwen Properties PLC share price was -4.8p at 342.2p

Story provided by StockMarketWire.com

Related Company: SMP

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