Regeneration firm St Modwen has signed a £20m prelet and development deal for a new 135,000 sq ft facility at Teal Park, Lincoln, with Siemens.
The electronics firm has agreed to take the facility on a 12-year lease. It will occupy 11 acres of Teal Park, comprising a 50,000 sq ft office, an 85,000 sq ft service workshop and surplus land to allow for future planned expansion. Building works are expected to start in autumn this year with completion expected for December 2012.
The new facility at Teal Park will allow Siemens to consolidate its Lincoln-based gas turbine service business, currently situated at four different sites within the city.
Two of the existing sites are owned by St Modwen: the 106,000 sq ft Firth Road facility and the 735,000 sq ft main Ruston Works site, extending over 12 and 23 acres respectively.
At Firth Road, the service business will continue to occupy 66,000 sq ft and will vacate the remaining space at the end of 2012. This will be refurbished and upgraded by St Modwen before being leased to alternative occupiers. Ruston Works will remain fully occupied as Siemens’ turbomachinery business moves into the space vacated by the service business.
annabel.dixon@estatesgazette.com
