Developer and regeneration firm St Modwen will bring to market 1.5 million sq ft of new industrial and logistics space across the 海角视频 next year in response to strong occupier demand.
With construction activity starting this month, St Modwen will be active on 11 schemes providing 25 new units. This includes around 320,000 sq ft in Newport in South Wales and Gloucestershire.
The expansion further unlocks the potential in the company’s 19 million sq ft pipeline, of which 45% of which already has planning. In July the developer confirmed being on track to deliver 1.2 million sq ft of new space during 2020 with 53% let or under offer.
Industrial and logistics now accounts for 48% of the company’s total portfolio.
Rupert Joseland, managing director of St Modwen industrial and logistics, said: “As leasing momentum remains strong, we are excited to be pushing the button on new developments to further expand our portfolio. We have one of the 海角视频’s biggest pipelines and focus on building out high-quality developments in key strategic locations."
The second phase of development is under way at St Modwen Park Newport, which will see two units of 30,000 sq ft and 100,000 sq ft of industrial and warehouse space. The expansion builds on phase which is home to Amazon and CAF’s new £50m train making factory.
In Gloucestershire, works is under way on the second phase of industrial and logistics development at St Modwen Park Gloucester.
Phase two comprises four speculative units ranging from 36,000 to 56,000 sq ft, which will be completed next summer.
This follows the first phase of speculative development where manufacturer ADEY Innovation, occupied a 45,000 sq ft unit in March, followed by ProCook, a supplier of kitchenware, occupying a 56,000 sq ft unit.