Expert developer and regeneration specialist, St. Modwen, has sold four residential sites totalling 57 acres in the Midlands.
The sales form part of the developer’s strategy to grow its residential and housebuilding activity, as well as building its industrial and logistics business, through the accelerated release of capital.
A £5.6m sale to residential developer Bellway for 7.2 acres of land at Branston Leas near Burton-on-Trent has been completed. The deal comes with planning permission for 113 new homes and builds on St. Modwen’s wider 280-acre mixed-use development site which, to date, has delivered 180 homes and 210,000 sq ft of employment space.
Land at Branston Leas sold to Bellway
The news follows the recent £5.75m land sale to Persimmon Homes at the former Goodyear site in Wolverhampton, which will deliver 126 new homes and the refurbishment of the listed Clock Tower as part of the work. St. Modwen also recently secured outline planning permission for its final phase of development on the site, which includes 230 new homes.
St. Modwen’s third land sale, also to Persimmon Homes, is for 9.9 acres of its Hilton Valley site in South Derbyshire. The £9m deal comes with planning permission to deliver an additional 160 new homes, complementing the 325 units being delivered by St. Modwen Homes.
Finally, and acting as a promoter of the site on behalf of the landowners, St. Modwen has sold a 33-acre site in Cannock to Barratt Homes for £20m. St. Modwen will include a one-form entry primary school, opening in September 2019, and local retail centre as part of the deal.
Peter Rudd, Development Director at St. Modwen, said:
“The demand for oven-ready land remains strong, with these four residential land sales showcasing St. Modwen’s ability to bring forward hundreds of new homes in the Midlands whilst delivering on our objective to build our residential housebuilding and industrial and logistics businesses.”