St Modwen has reported “firm levels of interest from a number of parties” in its 10-acre New Covent Garden Market site, SW8.
In chief executive Mark Allan’s first statement since formally taking up his role on 1 December, he said a further update on the Nine Elms site would be issued in “due course”.
Allan, formerly of student accommodation developer Unite, said St Modwen has demonstrated “excellent resilience in an unsettled environment”.
He added: “St. Modwen’s business is focused on creating genuine value from its deep and diverse portfolio of development and investment opportunities.
“Everything I have seen in my first few weeks in the business suggests that it is well placed to continue doing so.”
In a trading update for the financial year to 30 November, the company reported resilience in its regional commercial portfolio, with more than £45m invested in new acquisitions.
Most recently it acquired a 10.5-acre logistics depot in Barming, Kent, for £6.2m – a net initial yield of 7.54%.
Residential activity has continued to be a growth area for the group, commencing three new sites since July 2016 and with sale volumes and profits “anticipated to be higher in the second half of the year compared to the first half”.
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