The purpose-built Siemens facility at Teal Park near Lincoln has been sold by regeneration specialist St. Modwen to a Middle Eastern purchaser, represented by 90 North Real Estate Partners.
As the development partner for the project, St. Modwen handed the building over to Siemens last month following the completion of the construction phase. WSB acted for St. Modwen in the sale.
The move to the new facility for Siemens’s gas turbine division makes the firm the anchor tenant for the business park.
The 135,00 sq ft facility comprises of 50,000 sq ft of offices and an 85,000 sq ft servicing facility.
The first staff will move into the offices from November, with the workshop and service part moved in by April 2013.
Lincolnshire County Council funded Teal Park, and is also dualling the A46 from Doddington Road roundabout to the Whisby Road junction.
St. Modwen handed the building over to Siemens in October
Stephen Prosser, Yorkshire and North East Regional Director for St. Modwen, comments: “The sale is clear evidence that the right product with the right occupier will still attract investment when the market is challenging.
“Whilst our wider relationship with Siemens will continue, the sale of this new facility is in line with our strategy of exiting once the development phase is complete.”
Nick Judd, Founder Partner at 90 North, said: “The acquisition is part of a strategy to acquire a substantial portfolio of new or modern, very well let manufacturing and logistics properties.”