Pictured above: A CGI of the new Bournville College,
which is under construction at Longbridge
St. Modwen, the UK's leading regeneration specialist, has
announced that it completed in excess of 223 transactions on more
than 1,500,000 sq ft and 93 acres of commercial space across its
Midlands portfolio throughout 2009.
A total of 140,000 sq ft of sales and 1,380,000 sq ft of
lettings were achieved during the last 12 months by the Midlands
team, based at St. Modwen's Quinton Business Park headquarters. The
succession of deals amounts to sales in excess of £11 million
and £3.8 million of income, demonstrating how St. Modwen has
built on its strong position in the regional marketplace throughout
what has been a challenging year for the property industry.
John Dodds, Midlands regional director for St. Modwen,
said: "During the last 12 months, we have seen an upsurge in
viewings across the Midlands and we are in the privileged position
of seeing this interest translate into commitment from occupiers
and investors. Given the economic climate, this is a testament to
the enduring appeal of high quality product in a good
location.
"The Midlands is a very active region for St. Modwen. With 30
regeneration projects currently being developed and a landownership
amounting to more than 1,570 acres, the West Midlands portfolio of
managed assets provided a gross annual income of £15.8
million in 2009. Landmark developments include the regeneration of
the former MG Rover works at Longbridge - the site of the new
£66 million Bournville College - plus the new £35
million Warwickshire College in Rugby, both of which progressed
apace last year.
"In July 2009, St. Modwen safeguarded the delivery of
Warwickshire College in Rugby when the contractor went into
administrative receivership. By moving quickly to resolve the
situation and working closely with the college to agree a suitable
structure for moving forward, St. Modwen took over direct
responsibility for the construction programme for the 150,000 sq ft
college.
"Given its performance over the last 12 months, the Midlands
regional office is now in a strong position as we enter 2010, with
more than £7.5 million of deals currently in solicitor's
hands. Long term, St. Modwen has a sound business model which
secures rental income from over 1,600 tenants across a diverse UK
portfolio, and operates a 'hopper' system, which has proven
successful in ensuring there is a consistent land bank to draw
upon, in turn securing a development pipeline for the future."
Pictured above: John Dodds, regional director for St.
Modwen in the Midlands
2009 highlights include:
• In December, Stratford on Avon District Council passed a
resolution to grant planning permission for
a £100 million, leisure-led mixed-used development a 478
acre site in Warwickshire - known as the Long Marston
Masterplan.
• Planning granted and funding secured for the new
£66 million Bournville College at Longbridge, Birmingham.
Construction of the college started in November 2009 and is
set to be complete in September 2011.
• Phase one of Whitley Business Park, Coventry, completed
and first tenant secured (Business energy consultants, GET
Solutions UK Ltd, agreed a 10-year lease on a 3,400 sq ft office at
an annual rent of £17 per sq ft
• In July, St. Modwen took over responsibility for
construction of the new £35 million Warwickshire College,
Rugby, when the contractor went into administration
• The letting of the 10,053 sq ft, two-storey Building
Seven at Quinton Business Park to Amey, one of the UK's leading
public services companies. This leaves just under 10,000 sq
ft of the total space at the Business Park to let
• Sale of 35,000 sq ft unit C1 at Centre 38 in Barton to
IPP Scomark
• 60,000 sq ft letting to Shredall Data Storage at Bestwood
Business Park, Nottingham, leaving just one 5,000 sq ft unit to
let/ for sale
• 50 per cent of the available space at Great Western
Business Park in Worcester is now let or sold, following a tranche
of deals amounting to 25,000sq ft in the autumn
• Just 16,790 sq ft available to let across three
properties at the 250,000 sq ft Walsall Enterprise Park