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ST. MODWEN SECURES SALE OF 10 ACRE RESIDENTIAL DEVELOPMENT LAND IN RUGBY TO MAJOR UK PLC HOUSEBUILDER

St. Modwen has announced the sale of a 10 acre site at Technology Drive, Rugby to major PLC housebuilder Taylor Wimpey.

The land is part of the former Alstom industrial site, off Leicester Road, which is currently being transformed by St. Modwen, the UK’s leading regeneration specialist, into a mixed use scheme, with the creation of new homes and employment.

Taylor Wimpey aims to deliver up to 187 new homes on the 10 acre site, with a mixture of house types, including two, three and four bedroom family houses, as part of its Butterfield Gardens development.

The development will build on the success of St. Modwen Homes’ own residential scheme Edison Place, which launched in April 2013 and has proved extremely popular by providing a mix of apartments together with two, three and four bedroom homes.

In addition to the sale, St. Modwen announced the start of groundworks to construct a new family friendly Greene King ‘Hungry Horse’ public house earlier this month. Plans were also submitted earlier in 2013, for 10,000 sqm of new retail provision at the site and a decision is awaited.

Peter Rudd, senior development surveyor at St. Modwen, said: “The sale of 10 acres of land by St. Modwen to a major UK PLC housebuilder is further testament to the confidence shown in this mixed use site, which is in a prime location only 1.5 miles from the M1 and within easy reach of Rugby railway station and the town centre.

“St. Modwen Homes is making real progress with the development of Edison Place, with many of the homes already snapped up. Taylor Wimpey’s scheme will complement the overall attraction of the area and this latest deal confirms confidence is increasing in mixed use development schemes. By committing to this scheme now, housebuyers can benefit from the ongoing redevelopment of our site which is not only helping this new community take shape but over time will provide positive regenerative benefits to the wider area of Rugby.”