St Modwen looks to accelerate

The North West has played a key part in encouraging half-year results for St Modwen, the developer said.

Although pre-tax profit slipped slightly, from £30m to £29.3m, the business has sold key assets since the reporting period as it looks to increase activity. Deals such as the £190m disposal in the Nine Elms regeneration area in London could fuel increased investment in industrial and regional housing, according to chief executive Mark Allan. He added: “Based on recent levels of housebuilding and land sales activity, the 16,900 plot pipeline equates to over 10 years’ worth of activity and, provided that the new homes market, particularly in the regions, remains robust, we believe there is a clear opportunity to accelerate.”

In the North West over the last six months, the regeneration specialist has completed 93 transactions, including renewals, amounting to a cumulative rental income of around £1.44m and spanning 144,000 sq ft of space.

St Modwen said that £24.9m had been brought in by completed development and asset sales within the region, with landmarks including the opening of Sainsbury’s Great Homer Street in Liverpool and the Aldi store built at the former Vulcan works in Newton-le-Willows, along with the sale in May of Sunset Business Park in Kearsley.

St Modwen added that further to the Sainsbury’s sale at Project Jennifer, “significant progress” has been made with the 80,000 sq ft district centre, with lettings to The Gym Group and McDonalds.

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