Stoke-on-Trent Regeneration Ltd, the joint venture between St Modwen Properties PLC and Stoke City Council, has successfully launched its Festival Trade Park scheme in Stoke-on-Trent with the letting of the first of the completed industrial buildings to electrical wholesalers Rexel Senate and strong interest from other occupiers.
Rexel Senate has taken a 15-year institutional lease on a 1,280 sq m (12,143 sq ft ) unit at an annual rent of £5.25 per sq ft. In addition, a 746 sq m (8,035 sq ft) unit is under offer as is half of the remaining 1,025 sq m
(11,035 sq ft) building, which would leave the scheme with just 511 sq m (5,500 sq ft) to fill.
Alastair Smith of St Modwen, said: “These units are aimed at the trade counter market, of which Rexel Senate is a classic example. The interested parties have been attracted by the prominent location of Festival Park and
by the particularly high quality design and finish of the buildings.To be in the fortunate position of having the vast majority of a speculative scheme under offer at completion underlines this.
“The success of the first phase has led to us now intending to seek, probably planning consent for a second phase which is currently being designed.”
The joint letting agents for the park are Daniel & Hulme and Insignia Richard Ellis.
For further information contact Alastair Smith of St Modwen on 01782-281844.
Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).