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ST. MODWEN SELLS £12.3M INDUSTRIAL ESTATE IN NORTHERN HOME COUNTIES

St Modwen, the UK’s leading regeneration specialist, has sold Letchworth Industrial Estate for £12.3m to Cresta Estates Limited, reflecting a net initial yield of 5.23%.

Speculatively developed by St. Modwen’s Northern Home Counties region, the 90,666 sq ft estate was completed in November 2015. At completion, the four unit development was fully let to two occupiers – Tyco Fire & Integrated Solutions Limited, a wholly-owned subsidiary of Tyco International plc, and Titan Logistics Limited, an Interlink franchisee.

Located within Letchworth’s established commercial district, the 4.5 acre brownfield former power station site was purchased and remediated by St. Modwen.

Rupert Wood, Regional Director for the Northern Home Counties said:

“This is our second significant disposal in the last twelve months, following our sale of Cranfield University Technology Park in July 2015. This sale demonstrates the clear appetite from investors for quality development in the right locations which are fully let.

“Occupier demand across the Northern Home Counties remains strong and by building speculatively, we have been able to satisfy pent-up demand from local occupiers with expansion requirements.

“We are looking to build on this successful project and are actively seeking new opportunities to carry out further development, as we grow our regional portfolio through both new acquisitions and investment in our existing