Yorkshire projects fuel growth for developer
YORKSHIRE regeneration specialist St Paul’s Developments is confident it has opportunities for further growth as significant projects take shape.
The South Yorkshire-based business is behind some of the region’s most prominent schemes.
Earlier this month, it announced it had secured £2.45m of funding to undertake major remediation and infrastructure works at its 110 acre former chemical works site in West Yorkshire, paving the way for a new £750m power station.
The power station, to be built and operated by the Irish energy company ESB, could deliver around 1000 construction jobs. The scheme will include an energy centre and additional long-term plans for employment and residential uses.
Pipeline projects for the firm, which was launched in 1990, include a 45-acre site joint venture project with the Homes and Communities Agency and a £40m motorway services area at J35 of the M1 to be operated by Extra MSA Services.
The developer said a number of other “confidential” projects are pipelined for the next 24 months as it reviews its portfolio and assesses new opportunities for future growth.
Managing director David Newton said: “Our business model has always traditionally focused on long-term strategic sites and it is this, combined with our policy to never over-develop, that has ensured our survival throughout undoubtedly one of the most challenging economic climates on record.
“Whilst some of the initial units at our business parks were speculatively developed, this was largely initiated by the securing of Objective One funding and had the intended effect of securing occupiers and kick-starting the development of the rest of these major sites.
“A key focus for us this year is the final phase of Smithy Wood. We are in a happy position with a strong income stream on the development and funding secured from Handelsbanken. We are confident that the 29-acre plot is well position to capitalise on returning occupier confidence and the increasing shortage of large, available sites within the region.
“Looking to the future, we proceed as always with cautious optimism and continue to source opportunities for the acquisition and transformation of strategic sites with a primary emphasis on improving local and regional economies and job creation.”
The business has an in-house team of seven and a turnover of approximately £18-25m.
Newton said as the business moves forward, he sees it taking on more in-house staff.
Over the last decade the developer has transformed in excess of 300 acres of brownfield land.
Key projects include Brookfields Park – an 85 acre former colliery site in Rotherham which has been transformed into a 1.7 m sq ft industrial, warehouse and office development. Since its development, Brookfields Park has brought some 1,800 jobs to South Yorkshire.
St Paul’s is also behind Smithy Wood, which has more than 165,000 sq ft of developed space in Phases 1 and 2 and a further 300,000 sq ft pipelined for Phase 3 of the 50 acre former colliery site. The 29 acre third phase has been awarded Enterprise Zone status which means that it can offer significant benefits to occupiers such as tax relief through business rates or enhanced capital allowances, simplified planning and recruitment support.
St Paul’s Developments has already transformed 20 acres of the extensive site in a joint venture partnership with The Norfolk Estate and following the success of the first two phases, has unveiled the third phase which extends to 29 acres of ‘oven ready’ land.
