St. Modwen Properties
|Public (LSE: SMP)|
|Industry||Property and Regeneration|
Clarke St. Modwen|
Redman Heenan International plc
|Headquarters||Birmingham, United Kingdom|
Sir Stanley Clarke CBE, (co-founder)|
Jim Leavesley, (co-founder)
Bill Shannon, Non Executive Chairman
Bill Oliver, CEO
|Revenue||£287.5 million (2015)|
|£255.0 million (2015)|
|£217.3 million (2015)|
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.
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. In 1986 the management reversed the business into Redman Heenan International plc, a listed former engineering concern that had become a shell company. At that time, in 1986, the name was changed to St. Modwen Properties plc. In the 1980s the company developed the Stoke-on-Trent Garden Festival site.
In January 2004 the company acquired a 230-acre site at Longbridge from Phoenix Venture Holdings. 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.
In January 2013 the company entered into a development agreement for the New Covent Garden Market site in London and in March 2013 the company entered into a development agreement for the first phase of Swansea University's Bay Campus.
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, (ii) Chippenham Gateway in Wiltshire, a 79-acre site to be developed into a 1 million sq ft industrial park and (iii) Stanton Cross, Wellingborough, a project involving 1 million sq ft of industrial accommodation.
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:
- Commercial land and development (representing 9% of the portfolio by value and a development pipeline of 1.6m sq ft);
- Residential land and development (representing 46% of the portfolio); and
- Income producing properties (representing 45% of the portfolio).
- Residential land sales
- St. Modwen Homes
- Persimmon joint venture
- Private Rented Sector
- "Annual Report 2015" (PDF). St. Modwen Properties. Retrieved 15 April 2016.
- "History". St. Modwen. Retrieved 3 April 2015.
- "St Modwen buys 230 acre slice of Longbridge". Property Week. 6 January 2004. Retrieved 15 July 2016.
- MG Rover report reveals lies, cover-up and bribery Daily Telegraph, 11 September 2009
- "St Modwen and Vinci JV sign contract for New Covent Garden Market regeneration". Property Magazine. 7 January 2013. Retrieved 15 July 2016.
- "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.
- "Regeneration of key Woolwich site between Crossrail and existing stations moves forward". South London Press. 24 June 2016. Retrieved 15 July 2016.
- "New owners drawing up plans for 1m sq ft distribution park on M4". Swindon Business. 2 June 2016. Retrieved 15 July 2016.
- "Developer which brought Lidl to Wellingborough signs up for Stanton Cross". Northamptonshire Telegraph. 10 June 2016. Retrieved 14 July 2016.
- "Half Year Report 2016" (PDF). St. Modwen Properties. Retrieved 14 July 2016.