A PROPERTY developer which owns shopping centres and trading estates in the Worcester area is on the verge of completing a £33m deal to buy several properties from the ailing Marconi Group.
St Modwen Developments Ltd owns Reindeer Court, Shrub Hill Industrial Estate, Gregory's Bank Industrial Estate and Blackpole Trading Estate.
It has also recently completed the new Apex 6 Business Park at Six-ways, in Warndon, Worcester.
The group announced earlier this month it would be adding six industrial estates, three offices and two sports grounds to its portfolio, which are being sold off as non-core assets by electronics company Marconi.
Bill Oliver, finance director with St Modwen, said the company hoped to improve the current £3.5m annual rental income from the properties.
"Some of the sites also have development potential and two sites are adjacent to retail parks which could result in natural expansion," he said.
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