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.