A St Modwen and Persimmon joint venture has secured planning permission for 314 homes in Wolverhampton to be built as part of a £150m redevelopment of the 88-acre former Goodyear site.
Wolverhampton city council granted approval for the first phase of the scheme, on which construction work will start by April.
The homes, which will have an expected end value of £50m, are due to be completed by the end of 2011.
The joint venture agreement, established in August 2010, allows for 2,000 homes – with an end value of £300m – to be built on seven St Modwen-owned sites across the UK over the next five years.
In addition to the scheme at the Goodyear site, the other schemes include a £1bn sustainable new community at Glan Llyn in Newport, South Wales for which a planning application for 300 homes was recently submitted.
St Modwen chief executive Bill Oliver said: “This is a major milestone achieved under our joint-venture agreement with Persimmon and underlines our ability to unlock value from the longer-term residential assets within our land bank, accelerating the use of our residential land stock and improving profitability.”
Nick.whitten@estatesgazette.com
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