Commenting on the release of St Modwen’s North West annual results for the year ended 30th November 2016, Steven Knowles, North West Regional Director, said:
“The North West region has experienced another year of growth. We have seen continued resilience amongst our commercial portfolio across the region with a focus on transactional activity and long-term value creation. During the past financial year, we have completed 156 transactions (lettings and lease renewals) amounting to a cumulative rental income of over £1,8m and spanning 278,000 sq ft of space, which has seen the region achieve annual rental growth of 6%.
“During the year we have made good progress with our major developments. We broke ground on Great Homer Street, Liverpool with a 67,000 sq ft Sainsbury’s and a new 80,000 sq ft district centre. In Kirkby, we signed a Development Agreement with Knowsley Council to bring forward the development of the town centre and we are now progressing a planning application for a new retail scheme that includes a new supermarket and 76,000 sq ft of additional shops.
“We also began construction of the 18,000 sq ft Aldi at Vulcan in Newton-Le-Willows and started on-site with 63,000 sq ft of industrial and logistics space at Stonebridge Business Park in Merseyside with one unit already under offer.
“We have also successfully secured planning permission for two key sites. Consent was granted for 325 new family homes at Wigan Enterprise Park, which we are now bringing forward for development. We also sold the first tranche of housing land at Cromwell Road in Ellesmere Port for the development of 350 new homes.
“This year a key focus is to ensure we continue to add to our portfolio with new opportunities. We have been selected as the development partner of Bury Council for Chamberhall Industrial Park with plans for a high-quality employment-led scheme to be delivered over a number of phases. We also acquired a significant portion of Crosby Town Centre in March 2016 which spans Crosby’s retail core and presents opportunities for further development.”