St Modwen has sold its 50-acre Heartlands Park site in Birmingham for the HS2 project for the proposed Rolling Stock Maintenance Depot for £24.5m.
The regeneration specialist has been running the site, which comprises more than 880,000 sq ft of industrial accommodation, since 2012, securing £1.9m of annual rental income.
The site will continue to be run as a managed estate prior to commencing works on the proposed RSMD which will serve phase one of the planned high-speed railway linking London and Birmingham.
Heartlands Park was acquired by St Modwen in 2002 as part of the Alstom sale and leaseback transaction, where approximately 19 properties were acquired from the electronics company across 500 acres of land.
When Alstom surrendered its lease in 2012, St Modwen continued to lease the estate to a range of tenants including BEKO, PHS Group and Network Rail.
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