MERSEYSIDE ACQUISITION BOOSTS ST. MODWEN’S NORTH WEST PORTFOLIO

The UK’s leading regeneration specialist, St. Modwen has added to its portfolio of income-producing assets in Merseyside after acquiring Moorgate Point Industrial Estate in Knowsley from a private investor in a £10 million deal.

Moorgate Point includes 445,000 sq ft of industrial and office accommodation with 6.5 acres of development land and is located off the East Lancs Road and M57. St. Modwen also leads on the regeneration of Great Homer Street, Skelmersdale Town Centre and Stonebridge Park Knowsley, which includes the new 69,000 sq ft depot building for DPD GeoPost.

Steven Knowles, Regional Director of St. Modwen, said: “Our investment in Moorgate Point Industrial Park will enable us to continue to add value through our income producing assets in the region and support future employment opportunities in Merseyside. The site is a well located and high yielding asset, making it a good fit with our existing North West portfolio. Knowsley is an area that we know well and is ideally located, with strong transport links to the rest of the region, making it the perfect fit for businesses requiring good accessibility.

“With a rent roll in excess of £9 million last year, we have had an excellent start to the year in the North West, with more than 30 new lettings already concluded and planning consent secured for schemes including Skelmersdale Town Centre and Farnworth Town Centre. Alongside our much-needed major regeneration project at Great Homer Street and the speculative units we are building at Gillmoss, this latest acquisition demonstrates our commitment to the Merseyside area and we are actively seeking to acquire further opportunities across the region.”

Joiner Cummings acted for St. Modwen in the deal, while Stewart Montrose and B8RE acted for the vendor.