Former GlaxoSmithKline industrial estate in Speke acquired for £7.25m

Property investor and developer St. Modwen has snapped up a multi-let industrial estate in Liverpool in a seven-figure deal.

The company acquired Southern Gateway, located off Speke Boulevard, from asset management group Gresham House for £7.25m.

The 368,000 sq ft industrial estate, once serving as a manufacturing and distribution facility for pharma giant GlaxoSmithKline, extends across a 17.3-acre site in Speke and generates an annual rental income of £917k.

Among the site’s tenants are online retail group Shop Direct and e-cigarette business Nerudia.

St. Modwen development manager David Nuttall said: “This investment typifies our ongoing strategy of acquiring assets that demonstrate excellent potential for further value generation and in turn, growing our commercial development pipeline.

“Southern Gateway is close to Jaguar Land Rover and Liverpool John Lennon Airport, is on a major arterial route and has around a third of a kilometre of road frontage. It will therefore provide a variety of options for St. Modwen moving forward.”

He continued: “As part of our ongoing strategy, we are actively looking for further opportunities in the region, including both land and income producing assets, in order to grow our pipeline of commercial and residential development sites.”

Property consultancy GVA and law firm Pinsent Masons acted for St. Modwen. Gresham House was represented by professional services company JLL.

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