Developer starts on largest-ever speculative logistics build
St. Modwen has started work on the second phase of speculative development at its flagship St. Modwen Park Tamworth site after securing planning permission for almost 480,000 sq ft of space from North Warwickshire Borough Council.
The 35-acre site, located just off Junction 10 of the M42, will become home to St. Modwen’s largest-ever speculatively-built unit – a 318,500 sq ft industrial and logistics facility due for completion in December 2019.
Guy Gusterson, property director (Midlands and North) at St. Modwen, said: “As our largest-ever speculative build, St. Modwen Park Tamworth will become a major warehouse development and a key employment site for the Midlands. This latest move by St. Modwen reinforces our commitment to the market, creating high-quality space for customers and delivering on our strategy of significantly growing our portfolio by up to 2m sq ft annually.”
The completed development is anticipated to create over 1,000 jobs in the area and aims to counter the lack of supply of industrial and logistics units in the region.
Development of Phase 1 of St. Modwen Park Tamworth started at the end of 2018, just weeks after the company secured planning permission for Phase 2. Three warehouse units, ranging from 12,000-49,000 sq ft, are currently under construction and are due to complete in early July 2019.
Gregg Titley, development director at St. Modwen, said: “This is a genuine landmark for St. Modwen and shows our confidence in the market. St. Modwen Park Tamworth is a key site in the delivery of our strategy and the fact that work is already underway on the scheme’s first phase, with a second phase now kicking into action, demonstrates our confidence in the site’s location and its attractiveness to our customers.”
Joint agents Katie Aitchison, associate at Savills, and Peter Monks, director at Colliers, said: “St. Modwen’s decision to speculatively develop a 318,000 sq ft unit at St. Modwen Park Tamworth (T318) shows great confidence in the industrial and logistics market, which in recent years has gone from strength to strength. Once delivered, T318 will be one of the best-located big box units in the West Midlands. This, combined with the quality of the product, is sure to prove popular with potential occupiers.”