St. Modwen has sold the freehold in a 200,000 sq ft industrial/warehouse building and a 40,000 sq ft office building at its 42-acre Litchfield Road site, Stafford, to energy solutions provider Areva T & D UK Limited for £7 million.
The site at Litchfield Road comprises 900,000 sq ft of existing industrial and warehouse buildings and forms part of the 500 acre Alstom portfolio that St. Modwen acquired in 2002. The developer has since managed the site as a retained estate, with 240,000 sq ft leased to Areva on 10 acres and the remaining 660,000 sq ft on 31 acres leased to Alstom.
Ian Romano, senior development surveyor, St. Modwen says:
“The sale fits in with St. Modwen’s ongoing strategy to dispose of sites where we can no longer add further value. We will retain the remaining 31 acres on site which is still leased to Alstom, part of which is surplus to their requirements and has potential to be redeveloped into a mixed-use scheme in the near future.
“We have a very good relationship with Areva and are pleased to work with them to enable them to make a long term investment in Stafford and to their business.”
Notes to Editors
St. Modwen Properties plc
St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in town centre regeneration, partnering industry, brownfield land renewal and heritage restoration.
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