The company has also submitted a detailed planning application to Birmingham city council for a £70m mixed-use redevelopment in Longbridge town centre.
The application proposes an 85,000 sq ft foodstore, 80,000 sq ft of additional retail space and restaurants. It also includes plans for a hotel and 40 apartments, together with the newly created two acre Austin Park which, if approved, will lead to the opening up of the river Rea for the first time in 100 years. The proposals also comprise car parking provision, arrangements for access roads into the new town centre and continued local road improvements
Chief executive Bill Oliver said: "The submission of a planning application for the new town centre at Longbridge is a major milestone in the evolution of this project. It underlines our expertise in taking on large scale regeneration projects and provides a clear indication that 2011 will be one of the most active years yet for this important scheme.”
St Modwen already has detailed planning permission for a residential development in Longbridge, as well as for another site in Weston-super-Mare, which together total 215 new homes.
The company also has outline planning permission for 650 homes on a 31 acre former car factory in South Ockendon, Essex, which it acquired from Ford in 2006.
.gif)
Other schemes in planning development include the development of two former MoD sites in outer London. More than 2,000 new homes are planned for an 83 acre site in Mill Hill, and 1,373 homes plus other developments are planned for a 108 acre site in Uxbridge. Outline planning permission was secured for the latter last month.
St Modwen has also sold 29 acres of residential land for a total of £40.5m: 20 acres at the former MoD site at Bentley Priory, Stanmore to Barratt Developments; four acres at Haywards Heath to Crest Nicholson; and five acres at Newton le Willows to Jones Homes.
Commenting on the company’s financial results, Mr Oliver said: "Looking ahead, we are confident that St. Modwen's long-established strategy will once again give us the opportunity to provide sector-leading returns to shareholders. We have a strong balance sheet and a landbank that is full of latent value. Our development pipeline for 2011 and beyond is strengthening and a number of significant schemes are being marshalled for delivery in future years.
"Our asset management capability is proving invaluable in maintaining occupancy and rent levels, and we are confident that we will be able to continue with the positive progress in this area that we have demonstrated in the past two years. As a result, we believe that we are well positioned to deliver profit and net asset value growth in 2011, despite the ongoing uncertain market conditions."
Got a story? Email news@theconstructionindex.co.uk
