St Modwen buys Eccles site for redevelopment opportunity

Developer St Modwen has completed the sale and leaseback of a 36-acre chemical works in Eccles, Greater Manchester, and is considering a 14-acre development at the site. The site, close to the Manchester Ship Canal, was purchased from Akcros Chemicals, which has taken two occupational leases from St Modwen for 30 years and six years, at a total rent of £840,000. St Modwen will investigate the development potential of the 14-acre tranche at the western end of the site as the tenant has a break option, which can be served from 2010 onwards. Paul Batho, director of St Modwen, said: “The property has both long term income and short term redevelopment opportunities.” The acquisition was part of a simultaneous transaction involving the purchase of Akcros from its previous owners by GIL Investments, a West Midlands-based private equity company.