Redman Heenan Properties Ltd, the investment subsidiary of St Modwen Properties PLC, has acquired for £3.6 million from Joy Mining its 33-acre industrial complex at Hindley, near Wigan, which will be renamed Wigan Enterprise Park.
The existing 35,302 sq m (380,000 sq ft) of good quality production and warehouse space will be refurbished shortly and there are also opportunities for new build space and external storage. The whole complex will be managed in-house by St Modwen as a multi-let industrial estate.
Joy Mining will continue to occupy 2,880 sq m (31,000 sq ft) of offices and 2,230 sq m (24,000 sq ft) of workshop space on the Enterprise Park, at an initial rent of £66,500 per annum.
P & H Ltd, an associate company of Joy Mining, is also taking a new lease on offices and warehousing totalling 1,486 sq m (16,000 sq ft) at an annual rent of £36,000.
Quoting rents for the refurbished space start at £2 per sq ft. Dunlop Heywood has been retained as letting agent.
In addition, St Modwen has also acquired from Joy Mining, a vacant office building on a two-acre site fronting Manchester Road. St Modwen will be seeking planning permission to redevelop for appropriate roadside users.
Michelle Taylor, regional director of St Modwen, said: “This is a major investment reflecting our commitment to acquiring well located property suitable for improvement and active management. We are delighted that Joy has retained a significant presence on the estate, and are confident that the remaining buildings will attract new occupiers and employment to the area.”
For further information contact Michelle Taylor, St Modwen Properties PLC. (01925 825950). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771)