St. Modwen, the UK’s leading regeneration specialist, has completed a deal worth over £1.9 million with Advanced Insulation Plc for the sale of the final vacant unit at its Quedgeley West Business Park scheme in Gloucester.
The sale of the 31,865 sq ft Unit E – the last in Phase 2 – to Gloucestershire-based Advanced Insulation, paves the way towards developing the fourth and final phase at St. Modwen’s 32-acre industrial and distribution site. The sale comes only a few months after St. Modwen sold Unit B to Shires in December 2009.
Advanced Insulation will join other occupiers at the 120,000 sq ft Phase 2 scheme including Gardiner Brothers, Shires and City Link. Prestoplan and CM Downton who already occupy over 200,000 sq ft of recently constructed units in Phase 1 and 3 respectively.
Advanced Insulation’s relocation to the site will initially create up to 30 jobs and will contribute towards the 500 jobs anticipated to be created through the scheme once complete.
Established in 1993, Advanced Insulation manufactures specialist fire resistant coatings and insulation materials for use in the oil and gas, subsea, aerospace and nuclear sectors. The company previously operated as Alderley Materials Ltd and is moving its head office from Berkeley in Gloucestershire to Quedgeley West Business Park.
Andrew Bennion, Managing Director for Advanced Insulation Plc, commented:
“Over the last four years Advanced Insulation has grown by around 250% and the existing facilities are now too small for our activities. Relocation has therefore been a key strategic objective for us. This new facility will enable further growth and will allow us to better service our market place.”
To date, over 320,000 sq ft of space has been leased or sold at the £42 million Business Park. With the first three phases complete, St. Modwen is now able to offer new design and build units of between 10,000 and 75,000 sq ft for sale or rent at Phase 4, where a final 140,000 sq ft of development is planned.
Rob Skelston, Development Director for St.Modwen in the South West, commented:
“Concluding this sale with Advanced Insulation shows how local companies are continuing to develop and expand their business operations, despite tough economic times, showing a real confidence in the local economy. The Business Park’s location next to the M5 at Junction 12, supported by the high quality bespoke business units and well managed environment continue to attract local and national businesses to the Park and we’re pleased to see our plans for the Park progressing well as we enter this final phase of development.”
Quedgeley West Business Park is one of four sites owned by St. Modwen in Gloucestershire. The company is also developing Littlecombe Business Park and Gateway 12 at Waterwells Business Park and manages its existing Quedgeley East Business Park adjacent to Junction 12.
Ash & Co and DTZ represented St. Modwen on the sale and GVA Grimley in Bristol represented Advanced Insulation Plc.