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St. Modwen is an expert developer with a £1.4bn portfolio. Their substantial commercial development pipeline is focused primarily on industrial & logistics space, where they see long-term structural growth.
To work on behalf of St. Modwen to identify a suitable location, growing reach and geographic diversification in the South-East region, as part of the client’s strategy of significantly growing their UK portfolio.
Utilising our knowledge of the local market, we were able to identify this site as being suitable for St. Modwen’s requirements. With its proximity to Poole town centre and the main A35 regional route, the site’s location just off the A350 at Sterte Avenue makes it ideal for both distribution and manufacturing companies, providing businesses with the opportunity to base themselves at the heart of the local market. In addition, since the site was allocated in the local plan (160,000 sq ft) we realised that this would provide a near-term opportunity to build high-quality units and, in turn, grow our client’s income in the sector. Working closely with our client, we were able to provide in depth analysis of the occupational market, advise on future supply & demand levels and develop and put forward a best bid in order to secure the freehold of the land.
Having identified the opportunity at an early stage and providing a hands-on, Director-led approach, we were able to undertake a significant amount of due diligence prior to bidding which was evidenced in our bid proposal being sustainable to the Vendor.
This acquisition builds on St. Modwen’s strategy to grow its presence in the UK industrial and logistics sector.
Realest were retained as marketing agents for the site, known as St. Modwen Park Poole. We identified a number of prospective occupiers for a mid box 3 unit logistics development of 43,377 sq ft, 53,701 sq ft & 98,853 sq ft.
Amazon were secured as a new tenant, taking the whole of the site including a newly built 123,000 sq ft warehouse – one of the largest in the region. This new hub will allow Amazon to service customers across Dorset, handling 35,000 items per night.
Realest – Steven Williams, Adrian Whitfield
St. Modwen – David McGougan, Tim Seddon
Legal – Tim Steele, Gowling WLG
St. Modwen
Development Land Acquisition & Letting
Agency
Logistics
St. Modwen Park Poole will be a significant development in the region and a key local employment site. This latest move reinforces our commitment to the sector, creating high-quality space for customers and delivering on our strategy of significantly growing our UK portfolio by up to 2m sq ft annually. Whilst we have a significant existing UK industrial and logistics land portfolio to develop, we are very prepared to target acquisitions which will boost the geographic diversity of our portfolio and deliver more immediate income.
Property Marketing Specialists