St. Modwen has acquired a 10.8 acre site north west of the centre of Poole as a key part of its growing reach and geographic diversification in the South East region. The site is allocated in the local plan for 160,000 sq ft (14,850 sqm) of space, providing a near-term opportunity to build high-quality units and, in turn, grow the company’s income in the sector.
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.
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, having already delivered 1m sq ft in 2018. St. Modwen expects to commit to up to 2m sq ft annually within the next two years, delivering a leading UK portfolio.
Tim Seddon, Property Director (South East) at St. Modwen, commented: “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.”
With its proximity to Poole town centre and the main A35 regional route, St. Modwen Park Poole’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.
David McGougan, Senior Development Manager at St. Modwen, said: “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.”
Steven Williams of Realest, who acted on behalf of St. Modwen, said: “St. Modwen’s decision to acquire this site shows its commitment to the industrial and logistics market, which in recent years has gone from strength to strength. Once delivered, St. Modwen Park Poole will provide high-quality industrial and logistics buildings with excellent accessibility, which is sure to prove popular with occupiers.”