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St Modwen acquire 92 acre Darlington site for redevelopment

St Modwen Ventures, a subsidiary of St Modwen Properties PLC, has acquired from Corus for £2.3 million, together with development clawback, a 92-acre site in Whessoe Road, Darlington, which in the medium to long term will be redeveloped for housing and or employment-creating accommodation.

The existing buildings on the site have been leased back to subsidiary companies of Corus on five- and ten-year leases at a rent of £215,000 (£1per sq ft).

For further information contact Ray Hill of St Modwen on 0121-456-2800.

Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).