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 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 is 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. In addition, we would be able to secure the site for our St. Modwen without the requirement for planning approval. Working closely with our client, we were able to develop and put forward a best bid in securing 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 latest acquisition builds on St. Modwen’s strategy to grow its presence in the UK industrial and logistics sector with a committed pipeline of 1.5m sq ft of new space. St. Modwen expects to commit to up to 2m sq ft annually within the next two years, delivering a leading UK portfolio. The site, to be called St. Modwen Park Poole, is expected to have a gross development value of £30 million when it comprises three units of between 30,000 and 100,000 sq ft. There is also the potential to increase capacity on the logistics park.
Realest – Steven Williams
St. Modwen – David McGougan
Legal – Tim Steele, Gowling WLG
“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.”
Tim Seddon – Property Director (South East) – St. Modwen
“This is a real landmark for the region and shows our confidence in the market. St. Modwen Park Poole is a key site in the delivery of our strategy in the South East as we seek consent for three substantial units and with the aim of starting development in early 2020. Ahead of our planning submission we have the ability to provide bespoke buildings to meet customers specific requirements.”
David McGougan – Senior Development Manager – St. Modwen