Pictured above: Andrew Cox
St. Modwen, the UK's leading regeneration specialist has
successfully secured the sale of the final property at its Centre
500 industrial and distribution scheme in Newcastle-under-Lyme,
Staffordshire.
The pension fund of GRC Retail Ltd has purchased the final 6,000
sq ft property available and will be relocating from Stone in North
Staffordshire to the development in August. The sale sees the
completion of Centre 500 with St. Modwen having let and sold all 22
units, providing 92,000 sq ft of new industrial space to the
town.
Andrew Cox, Development Surveyor for St. Modwen commented: "We
are delighted to have completed Centre 500 ahead of our forecast of
the end of the summer. This speculative scheme has attracted a
range of local and national businesses across a diverse mix of
sectors including service and construction trades, engineering,
automotive and floristry. This variety of uses will undoubtedly
contribute to Centre 500's future success with its strategic
location providing occupiers with the ideal base from which to
reach both local and wider distribution networks.
"Now a thriving business community, Centre 500 is providing an
extremely positive contribution to Staffordshire's growing status
as a leading location for industrial businesses while also sending
out a clear signal that the local marketplace is active and growing
in strength. The development's combination of a strong location
with high specification new build properties has seen it attract
higher than average rents, capital values and investment yields.
Indeed, such has been the success of this scheme that it has
provided St. Modwen with the market confidence in the region to
progress with building out further units at neighbouring
development, Etruria Valley."
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.