St. Modwen, the UK’s leading regeneration specialist, is experiencing more success at the speculatively built, Pegasus Court industrial development in Hillington, Glasgow, with an 8,000 sq ft letting to Powwow Water Company Limited.
The UK-wide supplier of drinking water to commercial and consumer companies has taken the distribution space on a 10 year lease, for 6.25 per sq ft. The company’s new facility will form part of its 10-strong national depot network and makes Powwow the latest in a trio of occupiers to move in to St. Modwen’s 80,000 sq ft speculative scheme which was completed earlier this year.
Pegasus Court is located within Pegasus Business Park; a 31 acre site that St. Modwen acquired from Rolls Royce in 2006. In addition to the speculative space, the developer has since refurbished over 400,000 sq ft of existing industrial buildings into units ranging from 16,000 sq ft up to 130,000 sq ft for which it has just announced over 56,000 sq ft of new lettings. These units are available on flexible terms at circa £2 per sq ft.
Iain Davidson, Director of Logistics and Industrial at Colliers CRE, the letting agents for St. Modwen, said:” Following recent deals to Toolbank and Barr & Wray, the success of Pegasus Court continues with this latest letting to Powwow. Having considered many properties during their search, Powwow was attracted by the high quality specification and location of Pegasus Court.”
Ron Carter, Operations Manager of Powwow, added: “We’re delighted to be opening our new depot at Pegasus Court, Hillington. Not only will its excellent road links benefit the distribution side of our business but our office staff will be well served by the the excellent public transport links to Hillington, in addition to the park’s many on-site amenities.”
Only two units of 9,590 sq ft to 22,640 sq ft. remain at Pegasus Court. The properties are available to lease or purchase and are being marketed by Colliers CRE and BNP Paribas Real Estate.
Joint agents BNP Paribas Real Estate and Colliers CRE acted for St. Modwen.