2nd April 2018
ST. MODWEN COMPLETES ON £10.8M SALE OF LAND TO PERSIMMON HOMES
St. Modwen has completed on the sale of its 9.8-acre Lickey Road site, at Longbridge in Birmingham, which has been sold to housebuilder Persimmon Homes for £10.8m.
Persimmon has obtained detailed planning permission for 215 homes, with onsite work now underway.
Nick Whittingham, Development Director at St. Modwen, said: "The sale of this site is another important step in the evolving transformation of Longbridge. It is in line with our strategy as we step up the disposal of residential land to capitalise on the continued good levels of demand from housebuilders for well-located land.
"As we accelerate the release of capital from our land bank we can reinvest in our other strategic priorities."
Sofi Liperis, Land Manager for Persimmon Homes, said: "We are delighted to have now completed on yet another site acquired from St. Modwen. Longbridge is a highly desirable area, and its regeneration has created a sense of community that our new future residents will be proud to be a part of. We are expecting to release for sale in June/July for 215 good quality homes."
The Lickey Road site forms part of St. Modwen's £1 billion regeneration of the former MG Rover Works in Longbridge, Birmingham, which has to date delivered over 350 family homes, a £100 million town centre, new offices, the £66m Bournville College, Longbridge Technology Park and the three-acre Austin Park.
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