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HAT-TRICK OF CROSS-SECTOR DEALS POINT TO MIDLANDS RECOVERY IN THE PROPERTY MARKET

St. Modwen, the UK’s leading regeneration specialist, has undertaken a hat-trick of multi-million pound deals spanning all sectors of the property market which provides further evidence of a recovering Midlands property market.

While the property markets in London returned to pre-recession performance many months ago, recovery has been slower in the regions, but Birmingham-based St. Modwen is experiencing increasing market demand from a broad investor base, for commercial and industrial property and residential land.

The deals include the sale of the highly successful Parkside Industrial Estate in Wolverhampton to Threadneedle Investments. Over the last three years the developer has transacted on nine out of the 11 units on the 97,406 sq ft site, including new lettings, lease renewals and lease re-gears, substantially raising the value of the site.

In Halesowen, St. Modwen has sold the long leasehold on the last remaining plot at Coombs Wood Business Park to a local, expanding owner-occupier, Newline Computing Systems Ltd.

The third deal is the sale of a seven acre site at Hadley Park West in Telford to acclaimed house builder Miller Homes. Sold with outline planning permission for 68 new family homes, the sale comes as Miller Homes announced plans to build in excess of 500 new homes in the Midlands in 2015, demonstrating a revitalised housing market.

John Dodds, Midlands Regional Director, at St. Modwen said: “With market conditions now encouraging growth once again, well managed and located sites are in a strong position to capitalise on a market demand. Our sales at Parkside Industrial Estate, Coombs Wood Business Park and Hadley Park West are together indicative of renewed appetite from housebuilders, owners and investors and point to a rosier future for West Midlands’ property.”

“As regeneration specialists, we have a wealth of experience in all markets and are perfectly positioned in order to capitalise on the right deal at the right time. We would encourage all parties, from investors to developers to come and talk to us.”

Jones Lang La Salle represented St. Modwen at Parkside Industial Estate whilst BNP Paribas Real Estate acted on behalf of Threadneedle. The regeneration specialist was represented by CBRE in Telford and Halls Commercial on Coombs Wood.