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ST MODWEN ACQUIRES FORMER POWER STATION SITE IN LANDMARK DEAL, LETCHWORTH GARDEN CITY

St Modwen Properties plc, the UK’s leading regeneration specialist has acquired a former RWE power station site in Letchworth Garden City, on a 150 year-long leasehold, from Letchworth Heritage Foundation.

This is the first acquisition to be made by St Modwen’s newly-established Northern Home Counties regional office, which will develop the 4.5 acre site into an office and industrial scheme, offering up to 80,000 sq ft of accommodation.

Robin Vaughan of St Modwen says:

“Our acquisition marks a turning point for this site which housed a disused power station for several years before it was demolished in early 2007. The proposed development will not only regenerate the site but also provide premises to meet inherent demand in Letchworth and the surrounding area.

“In addition, the purchase of this site meets St Modwen’s strategy in the Northern Home Counties to acquire opportunities which will grow the business even in a challenging economic climate.

“It is our intention to submit a planning application for the redevelopment of the site before the end of the year and we now look forward to working with Letchworth’s Heritage Foundation as we progress forward.”

Stuart Kenny, the Foundation’s director general, said: “I am pleased to welcome St Modwen to the world’s first Garden City. Their reputation goes before them and I hope that the former power station site is the first of many St Modwen will develop here over the years.”

St Modwen was unrepresented and Colliers CRE acted for Letchworth Garden City Heritage Foundation/RWE.

For further information, please contact:

Charlotte McCarthy

PR Manager

St Modwen Properties plc

Tel: 07970 949 914

Email: cmccarthy@stmodwen.co.uk

Paul Raymer

Howle Chapman Raymer

Tel: 0121 313 1000

Robin Vaughan

Development Surveyor

St Modwen Properties plc (St Albans)

Tel: 01727 732690