St Modwen nabs Land Secs director and wins £100m job

Developer St Modwen has poached Land Securities director Tim Seddon and won a £100m redevelopment for car maker Jaguar.

The Birmingham-based developer has appointed Seddon to head its London and South-east regional office. He will replace Nick Doyle, who left St Modwen before Christmas after 17 years with the firm.

It is understood that Seddon, head of urban community development at Land Securities, will take up his new post in the coming weeks.

He was instrumental in Land Securities' plans for the Thames Gateway, where he was responsible for the group's 587 ha of projects.

These include the 85%-developed Crossways business park, the 6250-home Eastern Quarry site and the 800,000 m2 mixed-use development at Ebbsfleet.

Seddon was not available for comment as Building went to press, but it is understood he will be replaced by Robyn Pyle, currently Land Securities' development director for two Thames Gateway projects: Swanscombe Peninsula and Waterstone Park in Kent.

Doyle said he left St Modwen on "good terms" after deciding to set up an independent property firm.

He said: "The initial plan is to create a property portfolio, with the possibility of development opportunities further down the line."

He added that the firm had taken offices in Mayfair, London, and would be launched next month.

Doyle's former employer St Modwen has been picked by Jaguar and Coventry council to develop a 92,900 m2 business park on a 24 ha site next to the car maker's 10 ha research and development centre in Whitley, Coventry.

It is understood that the business park, which was granted planning permission in November 2001, will be worth about £100m and will house offices and industrial units.

The park will be aimed at high-tech research and development firms. A hotel may also form part of the scheme.

Jaguar, which owns about 80% of the site, is believed to be considering taking some of the units itself.

A source at the council said official confirmation of St Modwen's selection was expected next month and would probably coincide with an announcement on Jaguar's sale of its 40 ha Brown's Lane site in Coventry.

The news came as St Modwen posted record results for the 13th successive year. In the year to 30 November 2005, it reported a 15% rise in profit before tax to £46.3m, compared with £40.3m in 2004. Earnings per share were also up 15% to 28.7p, compared with 25p in 2004.

Anthony Glossop, St Mowden chairman, said the figures were a good start to 2006, but added: "The general economic climate is perhaps more uncertain than for some time. Nonetheless, I am looking forward with confidence to another year of progress."