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ST. MODWEN SECURES 150,000 SQ FT MARKS & SPENCER STORE TO ANCHOR SECOND PHASE OF LONGBRIDGE REGENERATION

St. Modwen Properties PLC (LSE:SMP), the UK’s leading regeneration specialist, has pre-let a 150,000 sq ft full offer store to Marks & Spencer (“M&S”) on a 45 year lease. The letting will be located at the heart of the Company’s major mixed-use regeneration scheme at Longbridge in Birmingham.

Arranged over two floors, this flagship M&S letting will be one of the largest in the UK for the national retailer and will create up to 350 jobs. It will also be the anchor of the second phase of the Longbridge Town Centre for which St. Modwen will shortly submit a revised planning application, which – along with the new letting – will include proposals for 45,000 sq ft of additional retail units, plus a surface and multi-storey car park.

Subject to planning, works to the second phase of the Town Centre will start on site in mid-2014 with the new Marks & Spencer anticipated to open for trading by Christmas 2015.

St. Modwen originally acquired the 468 acre former MG Rover site at Longbridge in 2003. The scheme constitutes a 15-year, £1 billion regeneration project, which will culminate in the creation of a vibrant mixed-use community, with up to 2,000 new homes together with employment and retail facilities to support up to 10,000 jobs.

Commenting on this latest milestone at the ongoing regeneration of Longbridge, Bill Oliver, Chief Executive of St. Modwen, said: “To date, St. Modwen has created over 3,500 jobs on site at Longbridge. The addition of Marks & Spencer to the scheme, which will underpin the delivery of phase two of the new Town Centre, illustrates further how our transformational regeneration projects can encourage investment and serve as true catalysts for change, as well as creating substantial value for our shareholders.”

Julie Ridley, regional manager at M&S, commented: “This is an exciting prospect for M&S and the shoppers of Longbridge. We’re looking forward to bringing all that M&S has to offer to the local area and believe the new store will cater for the shoppers of south Birmingham and attract new customers from the M5 and M42 corridor.”

Following an intensive four year remediation programme, St. Modwen has, since 2007: completed development of more than 150,000 sq ft of office and industrial space which is over 95% occupied; delivered the 250,000 sq ft Bournville College which opened in September 2011 and the £5m youth centre known as ‘the Factory’; opened the first phase of the Town Centre in August 2013, comprising an 80,000 sq ft Sainsbury’s, a 75 bedroom Premier Inn, 24 shops, restaurants, 35,000 sq ft of offices and the £2m Austin Park; and, via St. Modwen Homes and the joint venture with Persimmon, is developing over 450 new homes.