St. Modwen has secured a deal to bring Advanced Insulation to its Gateway 12 business park in Gloucester.
A global leader in insulation, fire protection and buoyancy products to the energy industry, Advanced Insulation will occupy a 67,000 sq ft unit at the scheme on a 10-year lease and will be expanding from its existing premises in Hardwicke and Plymouth.
The deal sees Gateway 12 reach full occupation with all 285,000 sq ft of prime industrial and logistics space at the site now fully let. The £22 million development has proven popular with both local and national occupiers and is already home to Amazon, ProCook, Samworth Bros, WMB Logistics and Warwick Fabrics.
St. Modwen has also secured the go ahead for the second phase of industrial and logistics space at neighbouring St. Modwen Park Gloucester. Phase 2 will deliver four new speculative units ranging from 36,000 – 56,000 sq ft for completion in Summer 2021.
Plans for the next phase of development at St. Modwen Park Gloucester follow the first phase speculative delivery of three new units that were completed in January this year. In March, it was announced that global water treatment and magnetic filtration manufacturer ADEY Innovation would become the park’s first occupier. Multi-channel cookware retailer ProCook followed, taking 56,000 sq ft in July, leaving 74,000 sq ft remaining.
James Irwin-Singer, Development Manager at St. Modwen Industrial & Logistics, said: “We’re pleased to be welcoming Advanced Insulation as our final tenant at Gateway 12, which joins a raft of leading businesses who already call the business park home. Now fully let, this deal is testament to the overall success of the scheme and further bolsters our decision to undertake further speculative at development at nearby St. Modwen Park Gloucester.
“With approval for the second phase at the site, we are able to deliver our market-leading warehouse units to a range of business sizes, providing maximum flexibility in a strong and well-located commercial market.”
Andrew Bennion, Managing Director at Advanced Insulation, added: “This is a significant financial investment for us but one that will enable us to increase capacity to meet market demand and will enhance our ability and reduce the time to develop and test new buoyancy products to meet the changing needs of the subsea market.”
Simon McKeag of Ash & Co, joint agents for Gateway 12 with Alder King, said: “The letting to Advanced Insulation backs St. Modwen’s commitment to speculatively develop in the Gloucester area and with Gateway 12 now fully occupied, the focus can now turn to St Modwen Park Gloucester. The timing of the latest deal is particularly pertinent and confirms demand remains strong for high-quality industrial and logistics space in prime locations in the county.”