St Modwen’s NW projects play key role in ‘solid performance’
Projects in the North West played a significant role in the delivery of a “solid performance” in the face of an uncertain market by regeneration specialist St Modwen.
The listed Midlands-based company yesterday (Tuesday, February 6) reported pre-tax profits were up 5% to £70.3m at while its portfolio increased in value by 2.6%, after adjustments for investments and disposals, to be worth £1.7bn. It has a market value of nearly £900m.
Guy Gusterson, Property Director Midlands and North, St. Modwen, said the company had made significant progress across a number of flagship schemes in the North West.
He said: “We reached practical completion on four industrial and logistic units at Stonebridge Business Park in Merseyside, the 63,657 sq ft speculative development has proved popular with occupiers with two units let. There is strong interest in the two remaining spaces.
“In Kirkby we announced Morrisons as the supermarket operator for our retail development and Knowsley Metropolitan Borough Council granted planning approval for the redevelopment of the town centre. With demolition work underway, construction work will start on the new supermarket and 76,000 sq ft of additional retail space in 2018.”
He also point to Great Homer Street in Liverpool and a 67,000 sq ft Sainsbury’s opened to anchor the regeneration scheme and a new 80,000 sq ft District Centre which reached practical completion and where occupiers have now started trading.
“We also got underway with the redevelopment of the Glenn Buildings north and south in Crosby Village, which is now nearing completion,” he said.
“We are making good progress on growing the residential and housebuilding business. We started on site with the final phase of new homes at Vulcan Urban Village in Newton-le-Willows, where we are building 200 family homes.
“While in Ellesmere Port we secured the sale of the second phase of the Cromwell Road development to Countryside, where 150 homes for private rent and sale will be built.
“We have also accelerated our commercial development activity in the region, delivering over 187,000 sq ft this year.”
The company also acquired Southern Gateway, a prominent 368,000 sq ft multi-let industrial estate in Speke, Merseyside.
It also successfully sold 76,000 sq ft Sunset Business Park in Kearsley, near Bolton, and its investment in the Aldi supermarket at Vulcan Village near Newton-le-Willows.