Projects on track for St Modwen Properties

REGENERATION specialist St. Modwen Properties, which has an operation in Yorkshire, said today it was progressing well with its projects despite a flat underlying market.

The Birmingham-based plc said its rental income, trading profits and cashflows all remained in line with expectations following its half-year results announced in July.

The firm said 80% of its residential business, around 20,000 plots, had either planning permission or allocations within local plans.

It said in a trading update it had also completed the development agreements and received the first land payments on sites in Newport and Sunderland.

Detailed planning applications have also been submitted for further developments in Swansea, where 300 homes will be built, and Longbridge for another 229 homes.

It added it had started work on the Phoenix Retail Park development in Stoke, due for completion next year, where pre-lets had been agreed with McDonald’s, Smyths Toys and Pets@Home.

Chief executive Bill Oliver said: “We continue to make good progress in the year to date.

“Even in this challenging market, we have been able to drive income throughout our portfolio and I am particularly encouraged by the continued resilience of our retail assets.

“We have made further valuation gains within our development portfolio through active management initiatives and particularly by progressing sites through the planning process in London and across the UK.”