St Modwen given green light for Goodyear development
ST MODWEN and housebuilder Persimmon have taken a major step forward in their £300m joint venture to build 2,000 homes across the UK with the granting of planning permission for a development in Wolverhampton.
Wolverhampton City Council has granted the first detailed planning approval won by the JV when it gave the go ahead for 314 homes with an expected end value of £50 million, to be constructed as part of the £150 million redevelopment of the 88 acre former Goodyear site, Wolverhampton.
Construction of the residential homes at Goodyear is expected to begin in April with the first homes due to be completed and occupied at the end of 2011.
The joint venture agreement, established in August 2010, allows for 2,000 homes – with an end value of £300 million – to be built on seven St. Modwen-owned sites across the UK over the next five years. In addition to the Goodyear site, this encompasses other landmark schemes such as the creation of a £1 billion sustainable new community at Glan Llyn in Newport, South Wales for which a planning application for 300 homes was recently submitted.
- Exclusive interview with John Dodds of St Modwen: click here
Bill Oliver, Chief Executive for St. Modwen said: “This is a major milestone achieved under our joint venture agreement with Persimmon and underlines our ability to unlock value from the longer term residential assets within our landbank, accelerating the use of our residential land stock and improving profitability.”
At the Goodyear site, 18 acres of the 88 acre regeneration scheme remains occupied by manufacturer Goodyear which has leased back the land from St. Modwen to accommodate its operational facilities.
Outline planning permission was granted in 2007 to redevelop the remaining 70 acres to create a mixed-use development, including retail, residential, the retention of the Sports and Social Club. Progress is already underway onsite where St. Modwen is currently undertaking ground clearing works plus the delivery of a new access road and 17,000 sq ft Aldi foodstore.
