Paragon Automotive, the UK¹s largest volume vehicle processing company for rental, contract hire companies and manufacturers, has expanded its operation on Thurleigh Airfield Business Park, Bedfordshire, by agreeing terms with the developer St Modwen to occupy more than 150,000 sq ft of hanger space plus 96 acres of open storage on the former MoD site.
Up to 20,000 cars can be stored on the former runways whilst the hanger buildings are used for the repair, maintenance and preparation of vehicles before moving them on to their next owner. The site is also used to support manufacturer initiatives.
Paragon, the single biggest tenant on the 1,250-acre estate, has taken a 15-year lease at an annual rent of £1.2 million.
Peter Robbins of St Modwen, said: “Since acquiring the site from the MoD in 1996 we have enjoyed good and constant demand for the land and buildings. However, this is the largest letting we have undertaken. There is planning consent for a further 40-acre new build phase which is available for customer specific opportunities.”
Stephen Hucklesby of Paragon Automotive, said: “We are delighted to have extended and secured our tenure at Thurleigh which offers industrya leading facilities for our industry for this area of the country. This deal enables our business to develop and grow with the surety that our facilities can support our business aspirations.”
Bidwells acted for St Modwen.
For further information contact Peter Robbins of St Modwen (0121 222 9400).
Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).