St. Modwen, the UK’s leading regeneration specialist, has now secured purchasers for 50% of space at its speculatively built Pegasus Court industrial development in Hillington, Glasgow, with the sale of a 15,000 sq ft distribution unit to Barr and Wray for an undisclosed sum.
The marine engineering company is the second company to take up space at the 80,000 sq ft, speculatively built, Pegasus Court, following the sale of a 25,000 sq ft unit last year. The remaining industrial/warehouse units comprise 8,000 sq ft, 10,000 sq ft and 22,000 sq ft. The units are available to let for £6.25 per sq ft or to purchase from £80 per sq ft.
Pegasus Court is located within Pegasus Business Park; a 31 acre site which St. Modwen acquired from Rolls Royce in 2006. In addition to the new buildings, the developer has since has refurbished over 400,000 sq ft of existing industrial buildings into units ranging from 20,000 sq ft up to 130,000 sq ft. These units are available on flexible terms at circa £2 per sq ft.
Mike Hosie, development manager, St. Modwen North West comments:
“This is the second of our five buildings to be sold at Pegasus Court and illustrates that there is still an appetite in the marketplace for companies wanting to purchase their own property as part of their overall business plan. It also illustrates that companies making this sort of commitment are looking at the long term, which is a positive sign against the context of the broader economic climate.
“Much of the interest in the site that we’ve received to date – both for the refurbished accommodation and new build space – is from a range of companies keen to capitalise on the connectivity provided by Pegasus Business Park’s location, close to Junction 26 of the M8 motorway, Glasgow Airport and Glasgow city centre. We are also able to lease as well as sell our units and this flexible approach is proving to be popular with potential occupiers.”
Steven McLachlan of Atis Real, Glasgow industrial agency said:
“The recent sale of Unit A to Barr & Wray demonstrates that even in the current financial climate there remains demand for high quality industrial/distribution accommodation in strategic locations such as Hillington.”
Atisreal and Colliers CRE acted for St. Modwen while Ryden acted for Barr and Wray.
Notes to Editors:
St. Modwen Properties PLC
St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in town centre regeneration, partnering industry, brownfield land renewal, Innovation Centre and education projects. www.stmodwen.co.uk