Stephen Prosser, Midlands regional director for St. Modwen, comments on St. Modwen’s 2016 Half Year Results, which were released to the London Stock Exchange this morning:
“Over the last six months we have experienced good activity across all areas of the Midlands business.
“Our annualised gross rental income has increased to £18.6m and we have completed, or are in the process of delivering over 450,000 sq ft of commercial development across four live development projects, including new facilities for Travis Perkins and DFS. New acquisition and development agreements have been added to the regional land bank whilst over 330,000 sq ft of new commercial development and 380 homes have achieved planning or have been submitted for planning permission during the period.
“The increase in tenant demand across the region has seen real rental growth across our secondary portfolio helping to erode some of the impact of the SDLT increase experienced during the period. Retail lettings at Longbridge Town Centre have reached 95% and we are now moving forward with Phase 3, which will incorporate a new cinema and restaurants.
“This strong base provides us the resource with which to strengthen our portfolio in the region and we will continue to seek new opportunities where we can add value throughout the second half of the year and beyond.”
