St Modwen acquires major Surrey industrial site

St Modwen Ventures, an investment subsidiary of St Modwen Properties PLC, has acquired the 183-acre Henley Park site, between Guildford and Aldershot, from McLeod Russel Holdings PLC for £8.384 million. As part of the deal, Vokes, the subsidiary liquid filtration company, has taken a lease back for a minimum of two years of not less than 7,432 sq m (80,000 sq ft) of the 25,083 sq m (270,000 sq ft) existing industrial space. Several other tenants are in occupation and St Modwen plans to actively market the additional vacant space.

Outline planning consent exists for office, industrial and distribution development of up to 29,078 sq m (313,000 sq ft) on 25 acres, of which 4 acres is available for immediate development.

Simon Rutter of St Modwen said: “We are very pleased to have quickly concluded the purchase from McLeod Russel Holdings PLC. The site fits in with our strategy of acquiring well located employment complexes and we

believe provide good quality second hand industrial accomodation in an area where supply is limited. “

Ian Hazlehurst, chief executive of McLeod Russel, said: “We are pleased to have achieved this disposal to St Modwen within a short timescale and to have secured appropriate space requirements.”

For further information contact Simon Rutter of St Modwen on 020 7499 5666.

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