ST MODWEN SELLS YEOVIL SITE FOR £1.85 MILLION

Two vacant warehouses with development land on Houndstone Business Park,Yeovil, have been sold by St Modwen Developments Ltd to original developer Abbey Manor Developments for £1.85 million.

St Modwen originally acquired the site with a 3,716 sq m (40,000 sq ft ) high bay warehouse and a 1,393 sq m (15,000 sq ft ) warehouse as part of its sale and leaseback deal with Screwfix Direct for whom it is constructing a new 5,760 sq m (62,000 sq ft) headquarters. Rupert Joseland, regional manager of St Modwen, said: “We have now completed the new headquarters for Screwfix. The new build element was handed over in August for Screwfix to occupy the building and subsequently we have refurbished the old offices.

“We are naturally delighted to have agree the sale of the remaining existing accommodation. Our strategy was based on providing Screwfix with an all-encompassing property solution whereby they realised the property value in the site and consolidated and improved the office accommodation.”We then took over responsibility for the surplus buildings and are pleased to have disposed of them in the same time frame.”

BK acted for St Modwen. Abbey Manor were unrepresented.

Nigel Timmis, managing director of Abbey Manor, said: “We are delgihted to have re-acquired this land and buildings. We have received strong occupational demand for the buildings and the development land will allow us to further develop Houndstone as Yeovil’s preferred motor retail location, following the recent completion of our new 1,533 sq m (16,500 sq ft) Audi dealership opposite the new Screwfix headquarters.”

For further information contact Rupert Joseland (0117 3167780). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).