Pictured above: St. Modwen's Andy Cox at Centre
500
St. Modwen, the UK's leading regeneration specialist, has
secured the £1.1 million investment sale of a 20,000 sq ft of
industrial property at its Centre 500 industrial and distribution
scheme in Newcastle-under-Lyme, Staffordshire.
Leased to Staffordshire company Langley Alloys last month for 15
years, the 20,000 sq ft industrial property spread across three
units was sold following high levels of interest. Globe Trust
represented by Colliers CRE and Llewellens secured the sale after
submitting the uppermost of six bids.
"The sale of this investment just weeks after the property was
leased to Langley Alloys clearly demonstrates strong market
activity in Staffordshire," commented Andrew Cox, development
surveyor for St. Modwen. "To receive such high levels of interest
from numerous parties is a real sign that the market is not only
picking up but that industrial and distribution properties are
proving to be of particular interest to investors. This puts the
region's network of industrial schemes in a very strong position
going forward and further cements Staffordshire's leading position
in the sector."
Langley Alloys has relocated to Centre 500 from where it will
manufacture and distribute a range of corrosion resistant alloys
comprising nickel, stainless steel and copper alloys as well as its
own patented materials. With clients including the MOD chemical,
oil and gas and aerospace industries, the relocation of the
business will allow the growing company to better facilitate the
storing and distribution of its products.
St. Modwen's most recent lease of a 6,000 sq ft unit to SA Platt
at Centre 500 leaves just two 6,000 sq ft properties now remaining
of a total of 22 units at the popular industrial scheme, providing
a total of over 92,000 sq ft of industrial space.
Centre 500 is prominently situated adjacent to the A500 between
the Wolstanton and Basford roundabout junctions. The development
benefits from direct access to Junction 15 and 16 of the M6,
together with the A50 and the Midlands motorway network beyond.
With the majority of the development now completed, St.
Modwen is proposing to construct a bridge link from the entrance of
the scheme over to neighbouring development Etruria Valley, where
the company has a substantial land holding for future development,
subject to market demand.
Jones Lang LaSalle and Louis Taylor acted on behalf of St.
Modwen.