New 135,000 sq ft site will provide home for tenant’s Lincoln gas turbine business
St. Modwen has signed a £20m pre-let and development deal with Siemens for a 135,000 sq ft facility in Lincoln.
The new development will be located Teal Park and will provide a single location for the firm’s gas turbine business in the city, which is currently located across several sites.
Outline planning permission for Teal Business Park, together with major upgrades to the A46, was granted earlier this year. Building works are expected to start in autumn 2011 with completion anticipated for December 2012. Siemens signed up for a 12 year lease.
At one of the existing sites occupied by Siemens St. Modwen will also provide refurbishment and upgrade works to surplus space before leasing it to alternative occupiers.
Bill Oliver, Chief Executive of St. Modwen, commented:
“This deal underlines our increased focus on design and build projects with pre-lettings to high quality tenants.
“Siemens is a longstanding tenant of St. Modwen, and we have worked closely with them to ensure that we are able to meet the requirements of their strategic relocation to a purpose-built new facility. We will now focus on securing detailed planning, so that we can start on site as soon as possible.”