St Modwen will consider options to exit high profile Nine Elms Square scheme this year
Developer St Modwen has said it will consider options to “sell, joint venture or develop” its most high profile Nine Elms site this year.
St Modwen said it is considering exiting the Nine Elms Square tower cluster site in 2016, in strong full-year results announced this morning.
The 10-acre Nine Elms Square site is the northern-most and highest-rise scheme of four St Modwen is progressing with joint venture partner Vinci across the Nine Elms area of London.
Nine Elms Square (pictured) has detailed planning consent for a 51-storey residential tower and outline approval for a mixed-use residential development comprising 12 towers of between seven and 46-storeys.
The site is currently occupied by fruit and veg market New Covent Garden Market, which is moving to a new purpose-built complex to the south, which St Modwen and Vinci have already begun work on.
The duo are also behind plans to develop residential-led sites at Nine Elms Grove and Nine Elms Gardens elsewhere in the area.
In results for the year to November 2015, St Modwen posted a 78% jump in pre-tax profit to £235.2m, up from £131.8m.
The developer added 400,000 sq ft of new commercial schemes to its development pipeline over the 12 months.
In December, St Modwen signed a devevelopment agreement with Swansea University to develop the third phase of its ongoing Bay Campus development, with the phase set to deliver 2,000 student rooms.
St Modwen said it anticipates “an ongoing steady stream of tenant demand” in the commercial sector and “our development pipeline will continue to be restocked with new opportunities as we embark on new speculative schemes and design and build projects”.