St Modwen progresses four major schemes

St Modwen has published an updated development pipeline detailing progress on four major developments, including a major mixed-use scheme in Elephant & Castle.

The published pipeline includes –

• Elephant & Castle – St Modwen will shortly complete its legal agreement on the regeneration of the shopping centre and expects to reach a co-operation agreement with Southwark council and overall developer Lend Lease before the end of 2012. Colliers International has been instructed to identify a joint venture development partner. Once completed the scheme is expected to provide up to 350,000 sq ft of retail and leisure space and 1,000 new homes. St Modwen plans to submit a planning application in late 2013 and to start development in late 2015.
• Swansea University, New Science and Innovation Campus – The firm expects to secure planning approval by early 2013, with construction of phase one to start later in the year.
• New Covent Garden Market – In joint venture with Vinci, St Modwen is on target to achieve a contract award from the client Market Authority before the end of 2012.
• Longbridge, Birmingham - Construction is “well advanced” on the first phase of the £70m town centre regeneration scheme. Of this total space, 75% is now either pre-sold, pre-let or under offer.

The regeneration specialist published the timetable in a trading update for the financial year ended 30 November 2012.

St Modwen said the firm had had a “good performance” over the period and results would be in line with expectations.

The firm said it will reap the benefits of its first full year in the housebuilding sector and said its St Modwen Homes division and its joint venture with Persimmon had been “very successful”.

The firm is active on six of eight sites within the joint venture and St Modwen Homes is live on a further four sites, with work to begin shortly on four additional sites, including the next phases at developments in Park View, Longbridge and Weston-Super-Mare.