ST MODWEN TAKES CONTROL OF EASTLEIGH SITE

Key Property Investments, the joint venture between St Modwen Properties PLC and Salhia Real Estate Co., has taken control of a 47-acre former Alstom site at Campbell Road, Eastleigh, Hampshire, following Alstom Tranport¹s decision to vacate the site.

The edge-of-town centre site provides more than 600,000 sq ft of rolling stock repair sheds, warehousing and open storage areas within the South Hampshire Strategic Employment Zone, and within 1.5 miles of Junction 5 M27.

St Modwen is now operating the site as a managed estate and is seeking short/medium term lettings while the long-term future redevelopment is considered. Already the letting of 130,000 sq ft of industrial and office space on flexible terms has been achieved to Knights Rail Services Ltd, VFS Ltd, L.E.T.S and P & M Packaging Ltd.

Paul Arnold, senior development manager for St Modwen, said: “This site is a key component in the East of Eastleigh regeneration. We are working closely with Eastleigh Borough Council, SEEDA and other stakeholders to bring forward sustainable redevelopment proposals for the site and surrounding area. “

St Modwen has appointed CB Richard Ellis as letting agents. Peter Hall, head of agency in the firm¹s Southampton office, said: “The lettings so far achieved demonstrate the site¹s suitability for short term secure, flexible and well managed business accommodation. There are a number of other non-rail connected office and industrial buildings available to let, ranging from approximately 250 sq ft to 100,000 sq ft.”

The Campbell Road site was acquired as part of the Alstom portfolio by St Modwen in December 2002.

For further information contact Paul Arnold of St Modwen (020 7499 5666).

Issued by Paul Raymer of Howle Chapman Raymer (0121 313 1000).