More than 80 per cent of the existing buildings on the former Central Engineers Depot site at Long Marston which St Modwen Properties acquired from the Defence Estates last year have successfully been let to local and national companies.
The 1.1 million sq ft of industrial buildings on the 478-acre site, near Stratford-upon-Avon, are being offered on short-term leases from a minimum of 12 months, while agreement on a long term redevelopment strategy is hammered out with Stratford-on-Avon District Council.
Among the major lettings are 89,341 sq ft to UTi World-wide (UK), CPD Logistics (77,779 sq ft), Fleetworks (69,072 sq ft), Hardscape Products (24,478sq ft) and Paul Matthews Transport (21,513 sq ft).
Currently, there is a 90,000 sq ft building under offer and two other buildings of 80,000 sq ft and 40,000 sq ft are available to let. Asking rents are from £2 per sq ft, depend-ant on size, condition and lease terms.
Peter Robbins of St Modwen said net income from the site had more than doubled since the company acquired it.
"We are currently running the site for income as an industrial estate while awaiting agreement on the redevelopment strategy," he added.
Oliver Bertram of King Sturge, letting agents for St Modwen, reported a good level of demand and continuing interest in the site.
The boost follows in the wake of Canon UK agreeing terms with St Modwen Properties to locate its new regional headquarters and sales office on Quinton Business Park, Birmingham, where planning consent has recently been granted for a 65,000 sq ft third phase of development.
The copier firm has taken a ten-year lease on 3,600 sq ft of first floor offices at an annual rent of £62,300.
Derek West of St Modwen, which now has its headquarters on the park, said: "There are a number of other local and national concerns considering taking the remaining space in the second phase. Phase one is completed and fully let.
"We are now preparing to tender on the third phase and construction will start early this year with completion at the end of 2006."
St Modwen was represented by DTZ. Maxwell Brown acted for Canon. n Richard Moon has joined Worcester-based development and investment group Maximus as development director.
He worked for the past ten years for Barberry where he was involved with develop-ments such as No 1, Colmore Square in Birmingham. Previously he spent five years as a development surveyor with Bryant Properties. In his new role, Mr Moon, 39, will have responsibility for Maximus' three proposed schemes planned to start this year.
