June 15, 2011 10.42 am This story is over 149 months old

Siemens signs new lease for Teal Park

Deal: Siemens committed to a 12-year lease at Teal Park, where it will eventually move most of its city operations.

Siemens, which employs around 540 people in Lincoln, has signed a 12-year-lease for a £20 million development at the city’s Teal Park.

The new facility, which is being built by the regeneration specialist St. Modwen, will bring Siemens’ Lincoln-based gas turbine service business, currently situated at four different sites within the city, into one high-quality facility at Teal Park.

This move was announced back in February this year.

At Firth Road, the service business will continue to occupy 66,000 sq ft, and will leave at the end of 2012. This space will be refurbished and upgraded by St. Modwen before being leased out. Ruston Works will remain fully occupied.

Neil Corner, a Director at Siemens Lincoln, said: “Siemens is pleased with progress to date in finalising arrangements with St. Modwen for our proposed relocation to Teal Park. We have worked together closely to ensure the best possible outcome for our service business, that will best meet the needs of employees and customers alike for a modern purpose-built facility.”

Councillor Eddy Poll, Lincolnshire County Council’s Executive Member for Economic Regeneration, said: “As we prepare to begin the highways improvements for Teal Park, this news is another exciting step towards what will be a huge economic boost at a crucial time for Lincolnshire.

“Modern business has repeatedly demonstrated that it can only flourish with access to suitable business infrastructure, sites and premises. St. Modwen’s facility will give Siemens the perfect platform to continue performing in a competitive global market from Teal Park, to the benefit of our county.”

Source: St. Modwen | Photo: St. Modwen | Related Report: Lincolnshire Echo