Poole: St Modwen acquires 10.8-acre logistics site

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 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, said: “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.”

Source: CoStar