St. Modwen snaps up 150,000 sq ft of logistics space
St. Modwen Logistics has acquired 150,000 sq ft of space across four units in West Bromwich.
The assets on Doranda Way Industrial Park are fully let to pallet manufacturer CHEP UK, specialist plumbing merchant Wolseley, wooden panel distributor Falcon Panel Products and heat treatment specialist ADI Treatments.
The logistics developer and manager has added the site to its portfolio due to its “prime location”. Tenants are able to reach 85% of the UK population within a four-and-a-half-hour drive.
St. Modwen says that demand for high-quality warehousing in the area is high, but local supply is “acutely constrained”, pushing vacancy rates to record lows.
The firm has acquired assets totalling more than one million sq ft of logistics space in the past six months and developed 2.2 million sq ft of new, sustainable warehousing in markets across the UK in 2022.
Oliver Smith, senior investment manager at St. Modwen Logistics said: “This acquisition further evidences our ability to identify and execute transactions in urban submarkets, where supply is very limited and future development will be restricted by a lack of land availability.
“Doranda Way is fully let to four robust businesses and we look forward to welcoming them into the St. Modwen Logistics family and working with them to support their future plans. As this deal shows, we are continuing to actively seek opportunities to acquire space in the UK’s most in-demand logistics locations to support businesses at all stages of their growth.”
