St Modwen sells Longbridge industrial unit for £2.8m

DEVELOPER St Modwen has sold Unit 4 at the Cofton Centre, Longbridge for £2.8m.

The 47,780 sq ft self-contained facility was purchased by MGTS St John’s Property Fund, as part of its growing portfolio of investments.

The facility is occupied by Philip Cornes, a global supplier of heat and corrosion resistant stainless steel and nickel alloys, a subsidiary of TW Metals Ltd and part of the US-owned O’Neal Steel group of companies.

The Cofton Centre is Birmingham-based S. Modwen’s industrial facility at Longbridge. It comprises 35 acres and is home to a number of specialist businesses, forming a significant part of the company’s regenerated property portfolio at the site. 

In addition to existing units, which are all fully let, the site has outline planning permission for the creation of a number of design and build opportunities, ranging from 30,000 to 225,000 sq ft.

Development surveyor Jonathan Green handled the negotiations for St Modwen. He said:  “We’re really pleased to have completed the sale of Unit 4 to MGTS St John’s Property Fund.

“Unit 4 is leased on a long term basis to TW Metals, so represented an ideal opportunity for an investment sale.

“The Cofton Centre, and its adjacent area, offers high quality accommodation in a prime location. It is an ideal destination for businesses looking for design and build opportunities.”

Ben Kelly, director at Jones Lang LaSalle, advised St Modwen on the deal. He said:  “Cofton Centre is an ideal location for businesses looking for easy access to the region’s motorway network and for prime investment opportunities.”

Lambert Smith Hampton acted on behalf of MGTS St John’s Property Fund.