St. Modwen puts business park up for sale after completing a raft of deals

Developer and regeneration specialist St. Modwen has completed a series of deals at Firth Road Business Park in Lincoln as the asset is brought to market for sale.

With big name tenants, including anchor tenant Siemens , ITP Engines, Teledyne E2V and John Greed Jewellery, the 9,900 sq m park offers a strong tenant covenant as well as future redevelopment opportunities, the company says.

St. Modwen has completed lease renewals and regears with almost all tenants across the site, securing both the rental income and significant numbers of jobs at the site for the medium to long-term.

WSB Property Consultants has been instructed by St Modwen to market Firth Road Business Park for sale.

David Watson, partner at WSB Property, said: “This is an extremely interesting commercial opportunity for an investor looking for the dual benefits of a strong rental income from financially stable tenants as well as the opportunity for redevelopment in the longer term.”

Paul Brustad, senior asset manager at St. Modwen, said: “Lincoln has a strong manufacturing and engineering heritage and we are proud to have owned and improved Firth Road Business Park which boasts excellent transport links, returns strong income from blue-chip tenants who have committed in the long term to this location, and offers a number of regeneration possibilities in future.

“This disposal is in line with our core strategy which will include the reinvestment of funds following this sale into our industrial and logistics commercial development pipeline which includes the construction of our industrial and logistics site at Network 46 at Withan St Hugh’s on the A46 dual carriageway, where completion of the first phase of this 830,000 sq ft scheme is due in March 2019 and will provide 91,000 sq ft of high quality new build industrial and logistics space to satisfy the shortage of such accommodation in the region.”