St. Modwen has secured the signature of rolling stock asset management company Porterbrook to take over the future-direction and development of its extensive, rail-connected Long Marston facility adjacent to Meon Vale Business Park.
The agreement secures the long-term future of Long Marston as a railway centre connected to the national rail network and reaffirms St. Modwen’s business park’s credentials as a well-located industrial and logistics scheme.
Situated in Warwickshire, Meon Vale Business Park is excellently positioned in close proximity to key arterial routes including the M40, M42 and M5. The wider site comprises of more than 800,000 sq ft of industrial and office space and is supplemented by significant parcels of hard-standing concrete surface.
The business park forms part of a larger 479-acre mixed-use St. Modwen scheme, which is home to a £5m leisure centre, community centre, 35 acres of woodland and 1,050 residential homes – around 500 of which have been delivered to date.
Management of the Long Marston rail facility (also known as Quinton Rail Technology Centre) will transfer to Porterbrook by the end of Q2 2021, after St. Modwen secured a 15-year lease with the firm. The new tenants will work alongside current leaseholders Motorail to uphold the 135-acre site’s existing capabilities throughout the transition period.
Rupert Joseland, Managing Director of St. Modwen Industrial & Logistics, said: “Our transformation of Meon Vale has seen the creation of 800,000 sq ft of employment space, which will help to secure new, skilled jobs. Porterbrook will create a long-term railway facility for the scheme and its commitment to the site further bolsters Meon Vale’s credentials as a vibrant residential, leisure and business offering.”
Mary Grant, CEO of Porterbrook, added: “Our decision to take a 15-year lease at the rail connected Long Marston site reflects Porterbrook’s absolute commitment to developing and supporting Britain’s railway. We are confident that with the right strategic direction, this part of the Meon Vale estate has the potential to play a key role in accelerating railway development across the board.”
Two units remain available for immediate occupation at Meon Vale Business Park, scaling 25,000 sq ft and 42,765 sq ft.