DEVELOPER St Modwen said yesterday its North West office had completed deals worth more than £600,000 in the last month.
Earlier this week, the firm reported a half-year pre-tax loss of £98.3m after a re-evaluation of its portfolio. Revenues fell from £70.8m to £43.2m.
But the regional office is holding up, despite the downturn, with recent deals comprising a mixture of lettings or sales for retail, office and industrial space, totalling in excess of 140,000 sq ft, with the majority of space let or sold being industrial at 115,370 sq ft.
In Merseyside, the company has achieved five industrial lettings totalling 20,000 sq ft, including refurbished space at Brasenose Road and Larch Lea, which were both purchased in 2008. St Modwen has also completed the sale of its first unit at the speculatively developed Stonebridge Park, in Liverpool, for just over £1m.
The scheme, located on East Lancs Road, was developed in partnership with Liverpool Vision, Government Office Northwest and Northwest Development Agency.
St Modwen regional director Michelle Taylor said: “This represents a huge achievement for the team at a time when the market is still relatively quiet.
“With many other deals currently in solicitors’ hands, this latest burst of activity shows no sign of abating and highlights that deals are there to be done if you can offer a product that is high quality and in a great location.”
Tomorrow, phase two of St Modwen and Halton Borough Council’s Heron Business Park will be officially launched.
The accommodation is suitable for office, warehouse or industrial use.
Units range in size from 1,618 sq ft to 23,437 sq ft, and priority will be given to small to medium-sized businesses within the technology sector.
GVA Grimley and Dixon Webb are joint agents on the scheme.
GVA associate Jonathan Lowe said: “Heron Business Park phase one has achieved great success and all 11 units are now fully let.
“The location and offering are both second to none, so it is no surprise that there have already been encouraging levels of interest in phase two.”
