Steadily increasing demand for its subsea buoyancy products has prompted leading materials manufacturing company Advanced Insulation to invest more than £8 million pounds in a new facility in Gloucester.
The deal sees Gateway 12, developed by St. Modwen, reach full occupation with all 285,000 sq ft of prime industrial and logistics space at the site now fully let. The £22 million development has proven popular with both local and national occupiers and is already home to Amazon, ProCook, Samworth Bros, WMB Logistics and Warwick Fabrics.
Andrew Bennion, Managing Director at Advanced Insulation, said: “This is a significant financial investment for us but one that will enable us to increase capacity to meet market demand and will enhance our ability and reduce the time to develop and test new buoyancy products to meet the changing needs of the subsea market.”
The programme will see all buoyancy production transferred from its current production facility in Plymouth to the new facility. This will enable the Plymouth operation to focus on developing and growing the marine sector of the business.
St. Modwen has also secured the go ahead for the second phase of industrial and logistics space at neighbouring St. Modwen Park Gloucester. Phase 2 will deliver four new speculative units ranging from 36,000 – 56,000 sq ft for completion in Summer 2021.
Plans for the next phase of development at St. Modwen Park Gloucester follow the first phase speculative delivery of three new units that were completed in January this year. In March, it was announced that global water treatment and magnetic filtration manufacturer ADEY Innovation would become the park’s first occupier. Multi-channel cookware retailer ProCook followed, taking 56,000 sq ft in July, leaving 74,000 sq ft remaining.
James Irwin-Singer, Development Manager at St. Modwen Industrial & Logistics, said:“We’re pleased to be welcoming Advanced Insulation as our final tenant at Gateway 12, which joins a raft of leading businesses who already call the business park home. Now fully let, this deal is testament to the overall success of the scheme and further bolsters our decision to undertake further speculative at development at nearby St. Modwen Park Gloucester.
“With approval for the second phase at the site, we are able to deliver our market-leading warehouse units to a range of business sizes, providing maximum flexibility in a strong and well-located commercial market.”
Simon McKeag of Ash & Co, joint agents for Gateway 12 with Alder King, said: “The letting to Advanced Insulation backs St. Modwen’s commitment to speculatively develop in the Gloucester area and with Gateway 12 now fully occupied, the focus can now turn to St Modwen Park Gloucester. The timing of the latest deal is particularly pertinent and confirms demand remains strong for high-quality industrial and logistics space in prime locations in the county.”