Preston acquisition boosts regen firm’s portfolio

REGENERATION specialist St Modwen has acquired Old Mill Industrial Estate in Preston for £4.15m from a private vendor.

The building is a multi-let industrial estate with 45 units toalling more than 101,000sq ft at School Lane in Bamber Bridge, offering erasy access to the M6, M55, M61 and M65 motorways.

Warrington-based St Modwen’s acquisition follows the recent purchase of Moorgate Point on Merseyside adding to its varied portfolio which includes a range of assets including Farnworth – near Bolton – and Wythenshaw (Manchester) town centres, Trident Business Park in Birchwood and Blackburn Innovation Centre.

St Modwen regional director Steven Knowles said: “Old Mill is another complementary addition to our portfolio, following on from the recent acquisition of Moorgate Point, and grows our rent roll in the North West to around £11m.

“The estate provides units which are ideal for the busy local market and it is home to a good range of businesses. We are noting a continued demand for accommodation across our portfolio, having concluded nearly 40 new lettings this year, and we are actively looking for further opportunities across all sectors.”

Lambert Smith Hampton and Pinsent Masons represented St Modwen and GVA represented the vendor.