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St Modwen reports good progress

28 Sep 11 Regeneration specialist St Modwen Properties reports strong early sales traffic at the former Goodyear site in Wolverhampton, where it is developing housing in joint venture with Persimmon.

“Marketing began in the second half of September 2011 and we have seen good levels of initial sales,” the company said in a trading update to the stock exchange this morning.

St Modwen reports that more than 80% - 20,000 plots – of its portfolio has either planning permission or allocations within local plans.

Development agreements and first land payments have been secured for sites at: Glan Llyn, Newport, South Wales, where construction has commenced on 311 homes; and Sunderland, where 212 homes will be built.

Detailed planning applications have been submitted for further developments at Coed Darcy, Swansea (300 homes) and Longbridge, Birmingham (229 homes). Construction on these developments is expected to commence in early 2012.

Of the 115 homes being developed at the first St. Modwen Homes site - Park View, Longbridge - 34 have been pre-sold for affordable housing and reservations are secured for a further 23 private homes.

Commercial development schemes are under construction and progressing well at Edmonton, Walsall, Birchley, Longbridge (MyPlace) and Taunton. Construction has also begun on a new 135,000 sq ft production facility for Siemens in Lincoln.

Work will start before the end of the year on new 85,000 sq ft supermarkets for Sainsbury’s at Longbridge and Tesco at Hednesford, Staffordshire. Construction contracts for both schemes are currently being tendered.

Chief executive Bill Oliver said: "Demand for developable residential land remains robust and we continue to make further excellent progress in our residential development programme, both through St. Modwen Homes, where we have been encouraged by initial demand, and our joint ventures.”

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