This will be the next stage in the £1bn, 15-year redevelopment of the former Longbridge car plant near Birmingham.
St Modwen originally acquired the 468-acre former MG Rover site in 2003 and is building 2,000 new homes together with employment and retail facilities.
The second phase of the Town Centre element will be anchored by one of the biggest Marks & Spencer stores in the UK, as the developer has pre-let a 150,000 sq ft store on a 45 year lease.
St Modwen chief executive Bill Oliver said: “To date, St Modwen has created over 3,500 jobs on site at Longbridge. The addition of Marks & Spencer to the scheme, which will underpin the delivery of phase two of the new Town Centre, illustrates further how our transformational regeneration projects can encourage investment and serve as true catalysts for change, as well as creating substantial value for our shareholders.”
Since 2007 St Modwen has built more than 150,000 sq ft of office and industrial space at Longbridge, of which 95% is occupied. It has also delivered the 250,000 sq ft Bournville College which opened in September 2011 and a £5m youth centre known as ‘the Factory’. The first phase of the Town Centre opened in August 2013, comprising an 80,000 sq ft Sainsbury’s, a 75-bedroom Premier Inn hotel, 24 shops, 35,000 sq ft of offices and the £2m Austin Park. In addition, St Modwen Homes and its joint venture with Persimmon is developing more than 450 new homes.