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SIEMENS AGREE NEW 10 YEAR LEASE WITH ST. MODWEN AT RUSTON WORKS

St. Modwen, the expert developer and regeneration specialist, has announced that Siemens PLC has agreed a new 10 year lease at the Ruston Works site in Lincoln.

The 735,ooo sq ft, 23 acres facility is occupied by Siemens’ Industrial Turbomachinery business where it employs around 800 people in the design and manufacture of industrial gas turbines .

Rob Richardson, Senior Development Manager at St. Modwen, said: “Siemens’ renewal of its lease at Ruston Works is great news for us and our portfolio, but also for Lincoln and the wider region as it secures high value engineering jobs and further cements the global engineering company’s commitment to the city.

“St. Modwen has a long track record of working collaboratively with industry to deliver lasting and successful property solutions, and this has been epitomised in our relationship with Siemens in Lincoln over recent years. This relationship and commitment from Siemens is of strategic importance as we look to increase our industrial income producing portfolio.”

Shaun Cray, Head of Real Estate at Siemens, said: “We are pleased to have successfully completed the lease renewal process and to continue our ongoing positive relationship with St. Modwen”.

St. Modwen has a longstanding association with Siemens having developed a new 135,000 sq ft gas turbine service centre at Teal Park. The complex project for the engineering company was completed in 2012 and allowed Siemens to consolidate its gas turbines servicing business from four locations in the city to one.

The Siemens gas turbine business in Lincoln is at the forefront of energy sustainability – supplying efficient power and lifetime product service to the global oil and gas industry, power generation and  mechanical drive applications.

The Ruston Works site has been home to manufacturing for over 160 years. From the humble beginnings of Ruston, Burton & Proctor in 1857 with a workforce of just 25, the business has evolved through many permutations to the Siemens business it is known for today, employing over 1,500 people across the city.

Siemens has also extended its lease at St Modwen’s Firth Road site in Lincoln. Here, its neighbour ITP, a precision engineering company operating in the aerospace industry and a subsidiary of Rolls Royce, ,  has also agreed a new 10 year lease with St. Modwen on its 30,000 sq ft facility.

St. Modwen has a long-standing commitment to Lincolnshire; not only does it own more than 30 acres of industrial land in Lincoln at Firth Road and Ruston Works, in late 2016 the developer also acquired Network 46, one of Lincolnshire’s main strategic employment sites.

St. Modwen has recently commenced development of its first phase of new warehouse and manufacturing space, totalling 95,000 sq ft, on the 57 acre site as it looks to satisfy the shortage of quality manufacturing and warehouse in the region.

The Sheffield office of Knight Frank represented St. Modwen and Siemens PLC was represented by Gerald Eve.