St Modwen Properties has let another 3,597 sq m (38,718 sq ft) at its 5.67 hectare (14 acre) Gregory’s Bank Industrial Estate in Worcester, Hereford & Worcester.
In one deal, Wessex Dairies took a new 10 year FRI lease on 1,341 sq m (14,434 sq ft) for use as a distribution depot. The lease includes a break clause in the fifth year with an initial nine months rent free. A rent of £28.78 per sq m (£2.67 per sq ft) was agreed.
In addition, Excel Automation (UK) has expanded into another 2,251 sq m (24,234 sq ft) on the estate. A five year lease was agreed at a rent of £24.65 per sq m (£2.29 per sq ft). This figure will be reduced by 50% for 2 years, or until full use is made of the building. Excel already occupies 2,436 sq m (26,217 sq ft) on the estate.
DTZ Debenham Thorpe acted for St Modwen in the Wessex Dairies deal while St Modwen represented itself in the Excel letting.
EGi News 23/04/96
