St Modwen reports progress in North West

DEVELOPER St Modwen said that it had made good progress on a number of schemes in the North West over the past six months May 31.

The Staffordshire-based company reported a 40% increase in pre-tax profits to £37.4m and a 6% increase in its net asset value to per share to 226p, with chief executive Bill Oliver praising its regional teams for management to drive income and valuation increases in a difficult market.

“Our long term focus, track record of delivery, strong asset management skills and ability to secure new projects, either on our own behalf or in joint venture, give us continued confidence in both the results for the current financial year and our future growth,” he said.

The firm’s North West regional director, Michelle Taylor, said that St Modwen had made “great strides” in the region.

It has sold off a chunk of retail units at its redeveloped district centre at Connah’s Quay in North Wales aand is planning a second phase of debvelopment on a nieghboring plot.

It has also achieved a site sale at Newton-le-Willows to south Mancheater firm Jones Homes on the former Vulcan Works site and has now almost completely filled the Venture Fields site at Widnes waterfront ahead of its opening in the second have of the year.

“In Greater Manchester, our management of Wythenshawe town centre continues to bear fruit,” said Taylor. “While other comparable town centres have struggled, Wythenshawe has achieved 100 per occupancy and we are now delivering additional retail space and working up plans for another phase of new development.

“Work on-site at Etrop Court, our 100,000 sq ft retail and office development, which includes 50,000 sq ft of office space pre-let to  Manchester City Council, is progressing well towards completion in August.”

However, in north Liverpool the firm’s progress on the £150m Project Jennifer scheme has come up against opposition from the Taylor Street Action Group.

Liverpool City Council has been granted an order to compulsorily purchase many of these units, but local businesses have complained that the compensation they are being offered is not enough for them to relocate to new premises.