Morgan Sindall Group Regulatory News (MGNS)

17 Mar 2009 07:00



Morgan Sindall plc

17 March 2009

Morgan Sindall secures £220 million blackpool Redevelopment 

Morgan Sindall, the construction and regeneration group, today announces that it has secured a £220 million agreement to redevelop the north area of central Blackpool over the next decade.

The Group's urban regeneration business, Muse Developments, signed a contract with Blackpool Council for the redevelopment of 10 hectares in the Talbot Road area. The project will include the construction of 160,000 sq m of high-quality office and business space near Blackpool North Station. A new supermarket, hotels, shops, cafes and restaurants will also be created.

Work will begin in 2011, allowing for a consultation period and the submission of outline planning for the scheme.

The agreement is the culmination of two years consultation alongside Blackpool Council and ReBlackpool urban regeneration company, after Muse Developments was selected as preferred developer in 2007.

The agreement follows a £350 million contract secured by Muse Developments in November to redevelop Swindon town centre, one of the largest regeneration schemes ever in the South West.

Paul Smith, Chief Executive of Morgan Sindall plc, said:

"Although conditions remain subdued in the urban regeneration market, this latest agreement is further evidence of Muse Developments' ability to continue to secure significant long-term partnership agreements. The business is also well-positioned for two further large-scale redevelopment opportunities, which we expect to secure later this year."

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ENQUIRIES:

Morgan Sindall plc Tel: 020 7307 9200

Paul Smith, Chief Executive

David Mulligan, Finance Director

Blythe Weigh Communications Tel: 020 7138 3204

Paul Weigh Mobile: 07989 129658

Editor's notes:

Morgan Sindall plc is a top UK construction and regeneration group which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration.

Muse Developments delivers large scale mixed use urban regeneration projects through development agreements in partnership with public and private landowners. The business operates in the office, industrial, residential, leisure and ancillary retail sectors.