St. Modwen, the UK’s leading regeneration specialist, has bought a multi-let industrial estate fronting the A13 at Basildon – Vange Wharf – with the intention of managing it as a new income stream.
The fully-let, seven acre property comprises 90,000 sq ft of industrial buildings and 82,000 sq ft of storage yards. St. Modwen bought Vange Wharf from Broomford Vange, a company which held the site as its sole asset.
The purchase forms part of a strategy by St. Modwen to increase the employment floor space in its South East property portfolio by the prudent acquisition of sites with asset management and long-term development potential. “We have the finance, expertise and a flexible approach which allows us to move quickly to acquire sites from landowners who are looking for a reliable and uncomplicated disposal” said Nick Kay, Development Director, St. Modwen.
“Vange Wharf now forms part of our regional industrial portfolio which also includes Henley Business Park near Guildford, Eastleigh Railway Works in Hampshire and Woodingdean Business Park near Brighton.”
Strutt and Parker acted for St. Modwen and DE and J Levy for Broomford Vange. Daniel Miller, Partner, Strutt and Parker said: “High yielding multi-let industrial estates in the South East are both rare and sought after. St. Modwen recognised the opportunity to enhance the value of Vange Wharf by implementing a clear asset management strategy and performed swiftly to secure the site.”