St Modwen Properties has let a 54,000 sq ft warehouse in St Helens, Merseyside, on a short-term lease pending the redevelopment of the site.
NYK Logistics has taken a 3-year lease on the site at the Lowfield Lane Industrial Estate at £140,000 pa.
In the longer term, St Modwen, in conjunction with Morris Homes, which controls adjoining land, plans to develop housing on the 12-acre site.
A resolution to grant planning consent for residential use of the site has already been approved by the local authority and Government Office.
A formal planning agreement is now being negotiated.
DGi Davis George acted for St Modwen in the letting to NYK Logistics, which was unrepresented.
References: EGi News 05/01/06
