St. Modwen, the UK’s leading regeneration specialist, is experiencing more success at the speculatively built, 80,000 sq ft Pegasus Court industrial development in Hillington, Glasgow, with a 10,000 sq ft sale to Alexander Wines Limited. This leaves only one unit of 8,000 sq ft which is available either for sale or to let.
The independent wine supplier to Scotland’s top restaurants and hotels has reaffirmed its commitment to Hillington by acquiring Unit D1 which was marketed at a quoting price of £70 per sq ft.
Pegasus Court is located within Pegasus Business Park; a 31 acre site that St. Modwen acquired from Rolls Royce in 2006. In addition to the speculative space, St. Modwen has since refurbished over 400,000 sq ft of existing industrial buildings into units ranging from 16,000 sq ft up to 130,000 sq ft. These units are available on flexible terms from £1 per sq ft.
Mike Hosie, development manager, St. Modwen said:
“This latest letting and the fact that only one unit now remains at Pegasus Court, demonstrates that there is appetite for well located, Grade A space outside of the London marketplace. We’re delighted that Alexander Wines chose to open their new warehouse at Pegasus Court. Not only will its excellent road links benefit the distribution side of their business but their office staff will be well served by the good public transport links to Hillington, in addition to the park’s many on-site amenities.”
Iain Davidson, director of logistics and industrial at Colliers International, the letting agents for St. Modwen said: “The credentials of Hillington, its infrastructure and proximity to roads and public transport networks, are widely recognised. This deal means that we only have one unit remaining within the highly successful Pegasus Court; an 8,000 sq ft high quality warehouse, available for sale or lease.”
Ross Sinclair of DTZ, who acted for the purchaser, added: “Fraser Alexander and his team have enjoyed considerable success in growing the business from its existing base at Hillington park and the move to Pegasus Court will provide the right environment for future growth.”
Joint agents for St. Modwen are Colliers International and Montagu Evans.