St Modwen aims to double in size through strategic land combination
St Modwen Homes is set to form a joint venture with its Strategic Land & Regeneration business in an effort to accelerate growth over the next five years.
It aims to double its size and increase the number of houses it is building, by bringing experts from its standalone strategic land business, to its dedicated housebuilding business in areas such as land buying, planning, pre-construction and customer delivery.
Its residential and community focus will continue through St Modwen Homes which last year delivered almost 1,200 new homes.
Acquired by Blackstone in August, St Modwen aims to focus on the high-growth sectors of logistics and housebuilding, which has attracted significant support and investment.
Whilst St Modwen Homes is selling homes across 24 sites, St Modwen Logistics delivered 1.4m sq ft of new warehouse space during 2021. It has ambitious hopes for 2022, which are backed by one of the UK’s largest pipelines at around 19m sq ft.
Sarwjit Sambhi, CEO of St Modwen, said: “Over recent years, St Modwen has become one of the UK’s leading developers of new communities and high-quality homes.
“Bringing together our land capabilities is a natural progression for St Modwen Homes and we hope a catalyst to double the size of this business”.
St Modwen Logistics has boosted the regeneration of Longbridge and surrounding areas with a further £20m investment to build a 155,000 sq ft sustainable warehouse that could create more than 300 jobs.
The Longbridge 155 warehouse development, located at The Cofton Centre next to the former MG Rover plant, is due for completion in October 2022.
