ST. MODWEN MAXIMISES SOUTH EAST ASSETS BY LEASING OVER 230,000 SQ FT OF SPACE

St. Modwen, the UK’s leading regeneration specialist, has made a positive start to 2009 by leasing over 230,000 sq ft across three of its sites in the South East – in South Ockendon, Guildford and Eastleigh.

Nick Kay, development director, St Modwen says:

“The annual rent roll across all three sites has now increased to circa £2.2 million. The deals demonstrate how St. Modwen can make good short term use of its retained managed assets whilst we progress the long term development proposals on the respective sites.

“Take South Ockendon, for example, St. Modwen acquired this 30 acre site from Ford in 2005 and has since been operating it as a managed estate, with a view to redeveloping the former factory into a major mixed-use scheme in due course. Pending redevelopment, the scheme – and many others like it across the UK – is helping us to maintain a strong income stream in this difficult marketplace.”

The highlights include:

South Ockendon, Essex – 137,000 sq ft leased

At its 630,000 sq ft industrial site in South Ockendon, Essex, St. Modwen has now secured full occupancy with a 107,000 sq ft letting to Littlehampton Book Services. The book distributor has taken the warehousing space on a five year lease at £1.50 per sq ft. Joint agents Colliers CRE and Glenny LLP acted for St. Modwen, whilst Lewis Doyle represented Littlehampton Book Services.

In addition to securing full occupancy of the warehouse, St. Modwen has separately let virtually all of the eight acres of hardstanding surrounding the building. Mobile mini, a container storage firm has just entered into its second hardstanding lease for an additional 30,000 sq ft. The remaining space is leased to Capital UK Limited and London Firebrigade.

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Eastleigh, Southampton – 50,470 sq ft leased

At Eastleigh – a 47 acre managed estate comprising 600,000 sq ft of factory, workshop and office buildings, formerly owned by Alstom – St. Modwen has secured three significant deals. The first is to Knight Rail Services which has taken 41,880 sq ft on a five year lease at £94,230 per annum. The second letting is to Arlington Fleet which has taken 6,807 sq ft on a three year lease at £15,000 per annum. Finally, Zero Inc Offices has taken 1,783 sq ft on a three year lease at £28,000 per annum. CB Richard Ellis acted for St. Modwen.

Henley Business Park, Guildford – 26, 484 leased

At the company’s 99,000 sq ft Henley Business Park, St. Modwen has secured two office lettings of 9,721 sq ft and 9, 236 sq ft, respectively – leaving just three of 12 units remaining. The first is to Tami 4, a manufacturer and supplier of mains-fed water coolers and dispensers and the other is to sewer and drain specialist, Future Environmental. Both companies have taken the space at circa £9.50 per sq ft on 10 and five year leases, respectively.

The 25 acre Business Park forms part of the 183-acre former Henley Park industrial estate that St. Modwen acquired in 2002 and retained and managed before commencing the redevelopment works in 2006.

Adjacent to the new Business Park sits a 188,500 sq ft industrial estate, part of the existing Henley Park site, which St. Modwen intends to redevelop once planning permission has been secured. Here, St. Modwen has leased over 7,500 sq ft of industrial space to Space Line Systems at £18,750 per annum.

Vail Williams acted for St. Modwen.

-ENDS-

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.

For further information, please contact:

Charlotte McCarthy

PR Manager

St. Modwen Properties PLC

T: 0121 222 9400

E: cmccarthy@stmodwen.co.uk