Burges Salmon advises St. Modwen on first investment sale at Firepool

Regeneration specialist, St. Modwen has completed its first lease and investment sale at the £270 million Firepool Scheme in Taunton, with advice from the real estate team at Burges Salmon.

The 27,000 square foot office building has been let to recycling, renewable energy and waste management specialist Viridor – with more than 100 members of staff moving to the site from September 2012 – and has been forward sold to Lewis Investments.

Firepool is the first phase of Project Taunton, a 123-acre regeneration scheme and one of the largest town centre regeneration projects currently under development in the South West. Burges Salmon has been advising St. Modwen – as development partner of Taunton Deane Borough Council – on the wider redevelopment and planning at Firepool since 2007.

A multi-disciplinary legal team has been led by partner Ross Polkinghorne, supported by senior associate Alix McKenzie-Wain and solicitor Ailsa Fudge advised on the letting and forward sale.

Peter Davies, development manager for St. Modwen, which has a regional office in Avonmouth, Bristol, , says: “It is fantastic to see a major national business like Viridor choosing Firepool as the base for its UK-wide operations – it represents a real vote of confidence for the regeneration programme and the South West as a whole.”

Firepool will be redeveloped on a phased basis and on completion, it will provide about 500,000 sq ft of office space, up to 4,000 new jobs and more than 400 apartments and town houses supported by retail and leisure facilities including cafes, bars and a hotel.