St Modwen upbeat as values rise

David McCourt

Regeneration specialist St Modwen has released its annual results showing a net asset value increase of 8% and £52.8m profit before all tax.

Stephen Prosser, Northern regional director of St Modwen, said: "We have continued to make strong progress on commercial development in the North West. Plans for the regeneration scheme of Great Homer Street in Liverpool moved an important step forward as the Compulsory Purchase Order for land in the area was confirmed by the government, while a major regeneration of Skelmersdale town centre was granted planning consent. Both projects present significant opportunities to create future revenue streams in the region.

"We have added value to our existing portfolio in Wythenshawe Town Centre in Manchester with several significant successes. We built on our commitment to bring more choice and increased footfall to the development by attracting national brand-name retailers, including JD Sports and Costa Coffee, as well as securing planning permission to extend the existing Swan Walk Parade and refurbish existing units.

"Our portfolio in the region is underpinned by successes in our income producing properties. Stonebridge Park has pre-let and pre-sold all of the 50,000 sq ft space available during the first phase of development despite challenging conditions in the region. Our flexible and accommodating approach to lettings has enabled us to secure new leases totalling over 250,000 sq ft across our North West sites.

"There is a continued positive outlook for residential land with the £100m urban village Vulcan Works site in Newton le Willows, St Helens being granted a reserved matters planning permission for the second phase of the scheme. Work subsequently started on site in November to create 208 family homes as part of the joint venture between St. Modwen and Persimmon Homes, building on the success of phase one, which is being delivered by Jones Homes."

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