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ST. MODWEN HOMES GETS GO-AHEAD FOR NEW HOUSES AT LEICESTER ROAD, RUGBY

St. Modwen Homes, the residential arm of the UK’s leading regeneration specialist St. Modwen Properties PLC, has been given the go ahead to develop 87 homes at its site on Leicester Road in Rugby.

The new homes will be the first to be built on the mixed-use development which is predicted to deliver more than 500 dwellings when complete. Construction of this first phase is due to commence in February 2013.

Typical of St. Modwen Homes, the new properties will boast individual designs ranging from one and two bedroom apartments to two, three and four bedroom family homes, including three storey properties. Each of the properties will benefit from allocated parking.

In addition to the new homes, St. Modwen Homes will deliver nearly three acres of high quality public open space, local play areas, landscaping (including a wildlife area) and pedestrian and cycle links throughout the St. Modwen owned development.

Guy Gusterson, managing director at St. Modwen Homes said: “The new properties will extend St. Modwen Homes’ portfolio of houses and apartments into Warwickshire, demonstrating the company’s continuing growth across the UK. St. Modwen Homes has recorded very strong sales success in the past 12 months and we are delighted to have received the green light for this first phase of housing on the Leicester Road site, providing much needed homes in the local area.

“In keeping with existing St. Modwen Homes’ properties, the new houses are being designed to be sympathetic to local architecture, with careful consideration being taken over the appearance, ensuring that the homes are spacious, well thought out and boast a high specification. These unique properties will really stand out in the local market place and have already received phenomenal interest, with more than 150 potential homeowners already requesting more information.” I am also delighted to confirm that we have secured an allocation of Firstbuy 2 grant funding from the Homes and Communities Agency which will enable a limited number of qualifying purchasers to acquire certain homes at 80% market value which we know will be hugely successful.

The Leicester Road site has a prime location just 1.4km north east of the centre of Rugby and is in close proximity to the River Avon. The forthcoming properties will also benefit from being near to Rugby railway station which is just a 500m walk away. Additionally, the £33 million Warwickshire College – which was relocated by St. Modwen – is positioned south of the development.

St. Modwen Homes was formed in 2011 as a division of St. Modwen Properties PLC allowing the company to gain additional value from its £397m residential land bank of over 1,800 acres with planning recognition for circa 21,000 plots. St. Modwen Homes has experienced strong sales success to date with many of its homes sold off plan, much of which can be attributed to its local housebuilder mentality and commitment to building new housing schemes where sustainable communities can develop. Additionally, the housebuilder has helped many first time buyers get onto the property ladder, with more than 50 per cent of its homes at one development sold to those moving into their first home.

The Leicester Road site will be St. Modwen Homes’ fifth housing development in the UK, with properties currently being sold at Locking Parklands near Weston-super-Mare, Wembley Central in London and Park View in Longbridge, and construction underway at Littlecombe in Dursley, Gloucestershire. For more information on these sites visit www.stmodwenhomes.co.uk