St Modwen has announced plans to grow its 1.7m sq ft development pipeline after reporting “strong” profits in the first quarter of 2016.
During the period from 1 December 2015 to 31 May 2016, it has acquired a number of retail and industrial-led schemes in the North West including Crosby Town Centre in Liverpool and the Warth Industrial Estate in Bury.
It has also signed a number of development agreements across the UK, including 1m sq ft of industrial space at Chippenham, Wiltshire and the £200m development of the new Spray Street Quarter in Woolwich, SE18, in joint venture with Notting Hill Housing.
The regeneration company said it was looking to boost its regional presence with both short-term and longer-term income-generating assets, with future acquisitions supported by its £60m annual rent roll.
It has also disposed of assets which can no longer add material value, including Queensmead Shopping Centre in Farnham, which it sold for £16.8m.
The company plans to accelerate its residential growth, with 14 sites currently under development and another four expected to start on site during the second half of the year.
Growth of PRS was a particular focus, with recent planning permission secured for a 229-unit scheme at Leegate, Lewisham, SE13 and work expected to start shortly on a 201-unit scheme at St Andrew’s Park, Uxbridge, UB10.
St Modwen’s major project this year will be the procurement of the market at New Covent Garden Market in Nine Elms, SW8, where it is exploring options to either sell, joint venture or develop the site.
Chief executive Bill Oliver said he expected the company to demonstrate growth in group net asset value at both its half year and full year results for 2016.
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