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Neighbourhood regeneration specialist St. Modwen Properties said it has secured the first detailed planning approval under its joint venture agreement with Persimmon.Wolverhampton City Council has granted approval for 314 homes, with an expected end value of £50m, to be built as part of the £150m redevelopment of the 88 acre site in Wolverhampton formerly occupied by the Goodyear tyre company. Construction of the residential homes at the site is expected to begin in April with the first homes due to be completed and occupied at the end of 2011. The joint venture agreement, established in August 2010, allows for 2,000 homes, with an end value of £300m, to be built on seven St. Modwen-owned sites across the UK over the next five years.