St. Modwen Properties

St. Modwen Properties PLC
Public (LSE: SMP)
Industry Property and Regeneration
Predecessor Clarke St. Modwen
Redman Heenan International plc
Founded 1966
Headquarters Birmingham, United Kingdom
Key people
 Sir Stanley Clarke CBE, (co-founder)
Jim Leavesley, (co-founder)
Bill Shannon, Non Executive Chairman
Bill Oliver, CEO
Revenue £287.5 million (2015)[1]
£255.0 million (2015)[1]
£217.3 million (2015)[1]
Website www.stmodwen.co.uk

St. Modwen Properties plc (LSE: SMP) is a British-based property investment and development business specialising in the regeneration and remediation of brownfield land and urban environments. It is headquartered in Birmingham, has a network of seven regional offices across the UK and, as at 30 November 2015, owned a 6,000 acre land bank and a £1.7bn property portfolio.[1]

History

The business was founded by Sir Stanley Clarke CBE and his brother-in-law Jim Leavesley in 1966 as a property development business called Clarke St. Modwen.[2] In 1986 the management reversed the business into Redman Heenan International plc, a listed former engineering concern that had become a shell company.[2] At that time, in 1986, the name was changed to St. Modwen Properties plc.[2] In the 1980s the company developed the Stoke-on-Trent Garden Festival site.[2]

In January 2004 the company acquired a 230-acre site at Longbridge from Phoenix Venture Holdings.[3] The land at the Longbridge site was obtained by St Modwen Properties at a fraction of the actual value after the company paid a £100,000 property commission to a firm run by an associate of the Phoenix Four.[4]

In January 2013 the company entered into a development agreement for the New Covent Garden Market site in London[5] and in March 2013 the company entered into a development agreement for the first phase of Swansea University's Bay Campus.[6]

In June 2016 the company entered into development agreements for (i) the Spray Street Quarter in Woolwich, a regeneration project in joint venture with Notting Hill Housing to create a mixed-use development,[7] (ii) Chippenham Gateway in Wiltshire, a 79-acre site to be developed into a 1 million sq ft industrial park[8] and (iii) Stanton Cross, Wellingborough, a project involving 1 million sq ft of industrial accommodation.[9]

In 2016 the company has established a Private Rented Sector (PRS) business unit.[10]

Operations

The company has a strategy to add value to the properties it owns through remediation, enhanced planning approvals and asset management. The company's £1.7bn portfolio comprises the following categories of assets:

The residential part of the business creates value through four routes to market:[1]

References

  1. 1 2 3 4 5 "Annual Report 2015" (PDF). St. Modwen Properties. Retrieved 15 April 2016.
  2. 1 2 3 4 "History". St. Modwen. Retrieved 3 April 2015.
  3. ↑ "St Modwen buys 230 acre slice of Longbridge". Property Week. 6 January 2004. Retrieved 15 July 2016.
  4. ↑ MG Rover report reveals lies, cover-up and bribery Daily Telegraph, 11 September 2009
  5. ↑ "St Modwen and Vinci JV sign contract for New Covent Garden Market regeneration". Property Magazine. 7 January 2013. Retrieved 15 July 2016.
  6. ↑ "St Modwen confirmed as developer for first phase of Swansea University's £450m science and innovation campus". Wales online. 21 March 2013. Retrieved 15 July 2016.
  7. ↑ "Regeneration of key Woolwich site between Crossrail and existing stations moves forward". South London Press. 24 June 2016. Retrieved 15 July 2016.
  8. ↑ "New owners drawing up plans for 1m sq ft distribution park on M4". Swindon Business. 2 June 2016. Retrieved 15 July 2016.
  9. ↑ "Developer which brought Lidl to Wellingborough signs up for Stanton Cross". Northamptonshire Telegraph. 10 June 2016. Retrieved 14 July 2016.
  10. ↑ "Half Year Report 2016" (PDF). St. Modwen Properties. Retrieved 14 July 2016.
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