News - Midlands
St Modwen expects positive half-year
Development company St Modwen, based in Birmingham, expects to report a positive half-year following a “steady flow of business” in the period from 1 December 2009 to 26 March 2010. The company has been granted planning permission on 800 homes, 1 million sq ft of space at Long Marston in Stratford-upon-Avon and the 48,000 sq ft Etrop Court in Wythenshawe. New lettings kept pace with vacations, resulting in a gross rent roll of £44.7m per annum. St Modwen acquired 35 developable acres during the period, “targeting income-producing sites that are self-financing were possible”. While the occupier market “remains challenging”, investor appetite is returning, and the company is confident that “the market is beginning to recover.”