Case Studies

St Modwen plc - Gloucester

In 1997 ASH & Co acted for St Modwen plc when they acquired two major sites south of Gloucester. Each comprised approximately 30 acres of Ministry of Defence storage buildings. They were renamed Quedgeley West & Quedgeley East.

They were purchased as strategic acquisitions with the knowledge that they would offer long term redevelopment opportunities. For 7 years ASH & Co acted successfully to let the vacant buildings which ranged in size from 2,000 sq ft up to 60,000 sq ft. They proved attrractive to a number of occupiers including Deroma UK Ltd who store and dsitribute terracotta pots throughout the Country.

As Gloucester's road links improved, ie the upgrade of junction 12 of the M5 and annoucement of further funding for the South Western Bypass, St Modwen realised that it was now time to pursue the longer term option of redevelopment.

In 2003 they achieved an overall planning consent to build 550,000 sq ft which showed an increase on the existing density of some 220,000 sq ft. The site was then remarketed and in 2006 a prelet of 94,000 sq ft was achieved to Prestoplan a subsidary of the Taylor Wimpey Group plc. This was completed in October that year.

To build on this success St Modwen decided to comit to one of the largest speculative developements in Gloucestershire namely the construction of 120,000 sq ft in 6 buildings, known as Phase 2. Practical completion was in January this year. Already 30,000 sq ft has been prelet to City Link Group and 16,000 sqft to Valley Forge.  

On part of the remaining land a presale has been signed to CM Downton a local haulier who have comissioned St Modwen to build 102,000 sqft. Completion of this is anticipated in autumn 2008.

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