Developer and regeneration agency St Modwen will deliver to market 1.5 million sq ft of latest industrial and logistics house throughout the UK subsequent yr in response to sturdy occupier demand.
With building exercise beginning this month, St Modwen shall be lively on 11 schemes offering 25 new items. This consists of round 320,000 sq ft in Newport in South Wales and Gloucestershire.
The enlargement additional unlocks the potential within the firm’s 19 million sq ft pipeline, of which 45% of which already has planning. In July the developer confirmed being on monitor to ship 1.2 million sq ft of latest house throughout 2020 with 53% let or beneath provide.
Industrial and logistics now accounts for 48% of the corporate’s complete portfolio.
Rupert Joseland, managing director of St Modwen industrial and logistics, mentioned: “As leasing momentum stays sturdy, we’re excited to be pushing the button on new developments to additional broaden our portfolio. We now have one of many UK’s largest pipelines and deal with constructing out high-quality developments in key strategic places.”
The second section of growth is beneath method at St Modwen Park Newport, which is able to see two items of 30,000 sq ft and 100,000 sq ft of business and warehouse house. The enlargement builds on section which is residence to Amazon and CAF’s new £50m prepare making manufacturing facility.
In Gloucestershire, works is beneath method on the second section of business and logistics growth at St Modwen Park Gloucester.
Section two contains 4 speculative items starting from 36,000 to 56,000 sq ft, which shall be accomplished subsequent summer season.
This follows the primary section of speculative growth the place producer ADEY Innovation, occupied a 45,000 sq ft unit in March, adopted by ProCook, a provider of kitchenware, occupying a 56,000 sq ft unit.