St. Modwen, the UK’s leading regeneration specialist, has announced that it completed in excess of 223 transactions on more than 1,500,000 sq ft and 93 acres of commercial space across its Midlands portfolio throughout 2009.
A total of 140,000 sq ft of sales and 1,380,000 sq ft of lettings were achieved during the last 12 months by the Midlands team, based at St. Modwen’s Quinton Business Park headquarters. The succession of deals amounts to sales of in excess of £11 million and £3.8 million of income, demonstrating how St. Modwen has built on its strong position in the regional marketplace throughout what has been a challenging year for the property industry.
John Dodds, Midlands regional director for St. Modwen, said:
“During the last 12 months, we have seen an upsurge in viewings across the Midlands and we are in the privileged position of seeing this interest translate into commitment from occupiers and investors. Given the economic climate, this is a testament to the enduring appeal of high quality product in a good location.
“The Midlands is a very active region for St. Modwen – with 30 regeneration projects currently being developed and a landownership amounting to more than 1,570 acres, the West Midlands portfolio of managed assets provided a gross annual income of £15.8 million in 2009. Landmark developments include the regeneration of the former MG Rover works at Longbridge – the site of the new £66 million Bournville College – plus the new £35 million Warwickshire College in Rugby – both of which have progressed apace this year.
“In July, St. Modwen safeguarded the delivery of Warwickshire College in Rugby when the contractor went into administrative receivership. By moving quickly to resolve the situation and working closely with the college to agree a suitable structure for moving forward, St. Modwen took over direct responsibility for the construction programme for the 150,000 sq ft college.
“Given its performance over the last 12 months, the Midlands regional office is now in a strong position as we enter 2010, with more than £7.5 million of deals currently in solicitor’s hands. Long term, St. Modwen has a sound business model which secures rental income from over 1,600 tenants across a diverse UK portfolio, and operates a ‘hopper’ system, which has proven successful in ensuring there is a consistent land bank to draw upon, in turn securing a development pipeline for the future.”
2009 highlights include:
• In December, Stratford on Avon District Council passed a resolution to grant planning permission for
a £100 million, leisure-led mixed-used development a 478 acre site in Warwickshire – known as the Long Marston Masterplan.
• Planning granted and funding secured for the new £66 million Bournville College at Longbridge, Birmingham. Construction of the college started in November 2009 and is set to be complete in September 2011.
• Phase one of Whitley Business Park, Coventry, completed and first tenant secured (Business energy consultants, GET Solutions UK Ltd, agreed a 10-year lease on a 3,400 sq ft office at an annual rent of £17 per sq ft
• In July, St. Modwen took over responsibility for construction of the new £35 million Warwickshire College, Rugby, when the contractor went into administration
• The letting of the 10,053 sq ft, two-storey Building Seven at Quinton Business Park to Amey, one of the UK’s leading public services companies. This leaves just under 10,000 sq ft of the total space at the Business Park to let
• Sale of 35,000 sq ft unit C1 at Centre 38 in Barton to IPP Scomark
• 60,000 sq ft letting to Shredall Data Storage at Bestwood Business Park, Nottingham, leaving just one 5,000 sq ft unit to let/ for sale
• 50 per cent of the available space at Great Western Business Park in Worcester is now let or sold, following a tranche of deals amounting to 25,000sq ft in the autumn
• Just 16,790 sq ft available to let across three properties at the 250,000 sq ft Walsall Enterprise Park