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ST. MODWEN TO TRANSFORM ONE OF SUNDERLAND’S MAJOR STRATEGIC DEVELOPMENT ZONES

St. Modwen, the UK’s leading regeneration specialist, is to transform one of Sunderland’s major strategic development zones into a £10 million mixed-use development which will provide new jobs and much needed family homes for the area.

The 17 acre site comprises the 10-acre former Pyrex factory site and an adjoining seven acres, formerly owned by another glass manufacturer, Corning. St. Modwen already acquired the Pyrex factory earlier this year and had started demolition works, however, did not want to progress any planning proposals without the adjoining seven acre parcel of land, which it has now secured.

The current plans for the site include 65,000 sq ft of office accommodation and 285, two-, three- and four-bedroom homes which will go some way in satisfying the demand for family housing that currently exists in Sunderland.

St. Modwen will now work up planning proposals for the mixed-use scheme, which it intends to submit in the New Year. The developer expects to start on site in 2010 with a view to completing the scheme within a three to five year time-frame.

Stephen Prosser, North East regional director, St. Modwen says:

“The latest acquisition of the seven acre site has enabled us to kick-start the planning process and will allow St. Modwen to draw on its strengths as a brownfield developer and transform the majority of this important development zone into a vibrant new part of Sunderland where people can live and businesses can thrive.”

-ENDS-

NOTES TO EDITORS:

St. Modwen Properties plc

St. Modwen is the UK’s leading regeneration specialist operating across the full spectrum of the property industry, through a network of seven regional offices and a Birmingham-based head office. The company is wholly focussed upon regeneration with expertise in partnering industry, brownfield land renewal, town centre regeneration and heritage restoration.

For further information, please contact:

Charlotte McCarthy

PR Manager

St. Modwen

Tel: 0121 222 9400

Email: cmccarthy@stmodwen.co.uk