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St Modwen sets out development plans

Developer St Modwen has laid out its development plans for the coming months including two major new supermarkets, currently being tendered.

Work on the 85,000 sq ft foodstores for Sainsbury’s at Longbridge and Tesco at Hednesford, Staffordshire is expected to start by the end of 2011.

St Modwen also confirmed it has entered the competitive dialogue process with Swansea University over plans to develop a new science and innovation campus on its 50 acre site at Fabian Way.

In residential it has around 20,000 plots with planning or allocations within local plans.

It is currently building out schemes both with contractor partners and its own housebuilding arm, St. Modwen Homes.

And a joint venture with Persimmon is making progress across sites in Wolverhampton, Newport and Sunderland.

Detailed planning applications have been submitted for further developments at Coed Darcy, Swansea - 300 homes - and Longbridge in Birmingham  -229 homes. 

Construction on these developments is expected to commence in early 2012.

St Modwen chief executive Bill Oliver said:  “We continue to make good progress in the year to date.  Even in this challenging market, we have been able to drive income throughout our portfolio and I am particularly encouraged by the continued resilience of our retail assets. We have made further valuation gains within our development portfolio through active management initiatives and particularly by progressing sites through the planning process in London and across the UK. 

“Demand for developable residential land remains robust and we continue to make further excellent progress in our residential development programme, both through St. Modwen Homes, where we have been encouraged by initial demand, and our joint ventures.

“Our track record of delivery, strong asset management skills and ability to secure new projects, either on our own behalf or in partnership, give us continued confidence in both the prospects for the current financial year and of continued growth in 2012.”

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