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 asset is expected to have a gross development value of €34.7m (£30m) and comprise three units ranging between 30,000 and 100,000ft². There is also the potential to increase capacity on the logistics park. 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.
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.”
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.”