Regeneration firm targets former RAF sites and predicts strong half-year results
Regeneration specialists St Modwen has secured planning for almost 3,000 homes in the last six months. The homes will be built on three sites including 1,373 homes on a former Mod site at RAF Uxbridge and 1,100 homes on another disused RAF site at Mill Hill in north London.
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St Modwen will also build 500 homes at Long Marston near Stratford upon Avon.
In a pre-close trading update for the six months to 31 May, St Modwen said they expected to post strong half year results owing to increased momentum across all areas of the business.
The firm is currently working on three projects in a joint venture with Persimmon. Detailed planning permission has been submitted for 212 homes in Sunderland and 311 homes at Glan Llyn. The joint venture recently received the first land payment for 314 homes at the former Goodyear site in Wolverhampton which has an anticipated end value of £50m.
Chief executive Bill Oliver said: “In the first half of the year St. Modwen has continued to build momentum across all areas of the business and, as a consequence, we expect our interim results to be at the top end of our expectations, both in terms of profit and net asset value growth.
“Our regional network of offices, skilled development and asset management teams, unique land bank and strong forward position of pre-lets and pre-sales give us continued confidence in both the results for the current financial year and our future growth.”