St. Modwen announces strong full-year results
St. Modwen have confirmed strong results after a strategic shift to focus on residential, industrial and logistics.
This focus on sectors with the best structural growth prospects – industrial and logistics development and regional housebuilding – is paying off in the Midlands, according to new figures announced today (5th February 2019).
Guy Gusterson, Property Director – Midlands and North at St. Modwen, said:
“We have seen continued growth in the Midlands in 2018. By bringing forward key industrial/logistics sites in the region, whilst selling off non-core assets to create recyclable funds, we have successfully delivered against our strategic objectives.
“We have maximised development opportunities at a number of key sites including St. Modwen Park Tamworth, Burton Gateway, Etruria Valley and Meaford Business Park. As a result, we enter into 2019 with a strong development pipeline.
“Successful planning applications and the commencement of work on St. Modwen Park Tamworth will see us deliver a further 705,000 sq ft by the end of 2019 as part of the first two phases of development, creating up to 1,700 new jobs in the area.
“We have delivered three speculative units totalling 120,000 sq ft at Burton Gateway, whilst securing planning permission for a further 103,000 sq ft distribution unit at the same site.
“We have also continued our strong record of development in Stoke-on-Trent and north Staffordshire, securing planning permission to develop more than 570,000 sq ft of industrial/logistics space across our Etruria Valley, Trentham Lakes and Meaford Business Park sites.
“In addition, we have sold a number of land assets in the region to third-party housebuilders, generating more than £11 million to reinvest in ongoing and future projects in the Midlands.
“The next 12 months look very encouraging, as we continue to expand our development pipeline and secure further opportunities.”
To view the full results, visit: www.stmodwen.co.uk/results-for-the-year-ended-30-november-2018