St. Modwen Industrial & Logistics has entered into a development agreement to create an 11.3-acre business park with Basingstoke and Deane Borough Council and leaseholder ITT Inc. The Basingstoke site, owned freehold by the Council and held by lessee and global multi-industrial manufacturers ITT Inc, is located within the wider
Tritax Big Box REIT plc (Tritax Big Box or the Company) today announces completion on the sale of its Chesterfield asset for £57.3 million. We acquired the asset in March 2014 when it had 6.2 years of lease remaining to Tesco. In 2018, we implemented a pro-active asset management initiative and agreed
A project worth almost £17million is underway to help provide extra power to thousands of homes and businesses in White City and the surrounding areas. UK Power Networks is working in partnership with contractors to reinforce the power supplies in and around White City – ensuring that the lights remain
Managing agent Rendall & Rittner has been appointed to manage the recladding of Metis Apartments in Scotland Street, Sheffield. The block of 122 Metis Apartments in Scotland Street and five commercial units contains Aluminium Composite Material (ACM) cladding similar to the Grenfell Tower, which is due to be replaced under
St. Modwen Industrial & Logistics has entered into a development agreement to create an 11.3-acre business park with Basingstoke and Deane Borough Council and leaseholder ITT Inc. The Basingstoke site, owned freehold by the Council and held by lessee and global multi-industrial manufacturers ITT Inc, is located within the wider Viables Business Park and will be known as St. Modwen Park Basingstoke following the grant of planning consent from the local authority in January 2020. As part of the agreement, St. Modwen will create new employment space in response to strong occupier demand and has permission to deliver up to 200,000 sq ft of industrial and logistics space. With full planning consent in place, construction of three high-quality speculative units of 36,987, 51,572 and 97,781 sq ft will commence in September 2020. As per the agreed timetable for the development, units at the site will be available as early as Q3 2021, creating up to 250 new jobs once occupied. Strategically located between Junction 6 and 7 of the M3 and within 2 miles of Basingstoke town centre, the development is well placed to capitalise on the town’s existing diverse economy, providing fast access to London and Southampton. David McGougan, Senior Development Manager at St. Modwen Industrial & Logistics, said: “St. Modwen Park Basingstoke forms part of our strategy to grow a high-quality industrial and logistics portfolio. After obtaining planning permission at the start of this year, our breakthrough development agreement reaffirms our intention to press on with these plans and deliver an industry-leading employment scheme for Basingstoke. The terms we’ve agreed will enable us to fulfil the local authority’s aspiration to deliver regeneration and drive employment.” Ravi Patel, Director of European Shared Services at ITT Inc, added: “We’re completely aligned with St. Modwen’s ambition to transform this site – their regeneration and industrial and logistics credentials speak for themselves. Now that terms are settled and the agreement is signed, we look forward to delivering an employment space that is fit for market demand together.” Basingstoke and Deane Borough Council’s Cabinet Member for Regeneration and Property Cllr John Izett added: “We are delighted to have reached an agreement with St. Modwen which will enable the company to redevelop this site near the M3 for a new logistics park, creating 250 high quality local jobs once complete. “This investment and the new jobs it will bring is especially welcome at a time when the priority is on recovering from the effects of COVID-19. It demonstrates Basingstoke remains open for business.” Marketing agents for the site are London Clancy, Hollis Hockley and Savills. For more information, visit: stmodwenlogistics.co.uk/property/st-modwen-park-basingstoke
Tritax Big Box REIT plc (Tritax Big Box or the Company) today announces completion on the sale of its Chesterfield asset for £57.3 million. We acquired the asset in March 2014 when it had 6.2 years of lease remaining to Tesco. In 2018, we implemented a pro-active asset management initiative and agreed an early surrender of the existing lease to Tesco and secured a new 15-year lease to Amazon, significantly enhancing the value of the asset. Having completed all key asset management initiatives, and as part of our ongoing portfolio evaluation, we decided to realise the value created on this asset via a sale to Warehouse REIT. The price is a premium to the 30 June 2020 book value and reflects an IRR of 18.5% per annum. This asset sale demonstrates our ability to create and realise value in our portfolio by direct and active asset management while the proceeds from the disposal will be redeployed into attractive opportunities, including our development pipeline with a target yield on cost of 6-8%. Colin Godfrey, CEO, Fund Management, commented:“The sale of our Chesterfield asset for £57.3 million demonstrates the successful implementation of our strategy and is a great result for our shareholders. Through our active management, and working closely with our customers, we were able to support them while significantly enhancing the value of the Chesterfield asset, securing a high-quality tenant on attractive lease terms. There is strong investment demand in the market for high-calibre logistics assets of this nature, which we are able to take advantage of through carefully selected disposals, redeploying the proceeds into attractive opportunities including our development pipeline where we expect to deliver a 6% to 8% yield on cost. “With investment demand in the market remaining strong, and attractive opportunities for us to deploy capital, we expect to complete a number of further disposals during the remainder of this financial year”
A project worth almost £17million is underway to help provide extra power to thousands of homes and businesses in White City and the surrounding areas. UK Power Networks is working in partnership with contractors to reinforce the power supplies in and around White City – ensuring that the lights remain on for all. The project, known as the Wood Lane main substation construction, allows for the construction of a new extra-high voltage electricity substation that will provide additional power to customers such as Imperial College London and resilience to all customers in the surrounding area. This work acts as part of a wider strategy for the area to provide homes and jobs. The project being carried out by UK Power Networks started in March 2019 is due to finish in summer 2021. As part of the scheme, UK Power Networks has consulted local stakeholders and other interested parties to ensure that everyone experiences as little disruption as possible whilst the work takes place. Jason Gunning, project manager at UK Power Networks, said: “UK Power Networks is making sure the electricity network is fit and flexible for the future. “Thousands of people in the area rely on us for a safe, efficient and reliable electricity supp. This work represents further growth in our network capacity to meet the increasing demand. This upgrade is part of our ongoing investment in the network to maintain reliable power supplies.” UK Power Networks is the country’s largest electricity distribution network. It works to maintain the safety and reliability of electricity networks, in addition to upgrading the network to meet the future needs of customers. The project is being completed in conjunction with contractors under its award-winning alliance scheme. The electricity company keeps the lights on for more than eight million homes, schools, hospitals and businesses across London, the South East and East of England. The company invests more than £600 million annually in maintaining and improving electricity networks. The majority of London’s electricity infrastructure is underground, including over 36,000 kilometres of cabling. Techniques for saving costs can be found at pay as you go electricity sites.
Managing agent Rendall & Rittner has been appointed to manage the recladding of Metis Apartments in Scotland Street, Sheffield. The block of 122 Metis Apartments in Scotland Street and five commercial units contains Aluminium Composite Material (ACM) cladding similar to the Grenfell Tower, which is due to be replaced under Government funding. Rendall & Rittner was selected by the First Tier Tribunal to oversee the reinstatement work and the ongoing management of the building. Matt Kirk, northern divisional director at Rendall & Rittner, said: “We are delighted to be appointed to manage the recladding of Metis Apartments and work closely with its residents to make their homes safe for the future. “We recognise that by appointing us, the First Tier Tribunal is placing responsibility on us to carry out the works promptly and professionally. It will be a huge relief for everyone that lives in the building when this issue is resolved.” “As a business we wholeheartedly welcome the government’s Building Safety Fund and will be actively pursuing funding on behalf of residents and leaseholders at buildings that we manage that meet the criteria.” An inspection of cladding on the Metis Apartments in 2017 found it to be unsafe. The cladding was tested by the Building Research Establishment (BRE) and deemed to be aluminium composite material.
