St Modwen signs joint venture with housebuilder

REGENERATION specialist St. Modwen has entered into a joint venture with house builder Persimmon to develop 2,000 homes across seven sites owned by the Birmingham-based firm.

Three of the locations are in the West Midlands – the former Goodyear works in Wolverhampton, former MG Rover plant in Longbridge and Long Marston near Stratford-upon-Avon – with a further two in South Wales and two in north-east England.

Each locale will contain around 300 homes with a total of 120 acres of land being developed and an estimated end value of more than £300m.

Further schemes would be added to the joint venture as planning permission is granted, the companies said in a joint statement.

Last month St Modwen began work on the Wolverhampton site to build a new Aldi supermarket.

St Modwen chief executive Bill Oliver said: “We are very pleased to have reached an agreement to joint venture this land with a sector leading house builder with whom we can work to accelerate the delivery of quality housing from our portfolio.”

Persimmon chief executive Mike Farley added: “We are excited at the prospect of working with St. Modwen.

“This groundbreaking joint venture will provide Persimmon with a steady long-term supply of plots across England and Wales from St. Modwen’s well-located landbank.”