St Modwen Developments Ltd, the development subsidiary of St Modwen Properties PLC, has acquired the 23.4 acre former Tolladine Goods Yard in Worcester as part of St Modwen’s strategy of acquiring a hopper of strategically-located land to which it can add significant value in the medium to long term.
The site, on the edge of the city centre, was purchased from BRB (Residuary) Ltd for £3.5 million.
Alan Williams, investment property director of St Modwen, said: “We are particularly pleased to have purchased this well-located site in Worcester which we are re-branding as The Great Western Business Park. It is close to our existing Shrub Hill Industrial Estate and will enable us to offer high quality business units for our existing tenants and other Worcester based businesses for which we know there is good demand.
“It is the only site in the city allocated for industrial and warehouse development and we expect it to be fully developed out within the next two years and employing more than 500 people. We have first to construct a new road access and demolish a rail bridge over Tolladine Road which will transform and regenerate this neglected but important employment site.”
Planning applications for the new access and for the site masterplan will be submitted shortly.
St Modwen acted for itself. Lambert Smith Hampton represented British Rail Residuary Board.
St Modwen is a major force in the Worcester property scene dating back to its origins as the Redman Heenan International engineering group. It still owns and operates part of Blackpole Trading Estate,and Gregory’s Bank and Shrub Hill Industrial estates from that era.
It’s total investment in Worcester including this latest acquisition now exceeds £22 million. It has also previously successfully developed and sold the Reindeer Shopping Centre and Shrub Hill Retail Park and has other land holdings in the Worcester area.
For further information contact Alan Williams of St Modwen (0121 222 9400). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).