15 Mar 2018 07:00
Date of issue: 15 March 2018
ST. MODWEN PROPERTIES PLC
("St. Modwen" or "the Company")
ST. MODWEN SELLS PRIVATE RENTED SECTOR UNITS IN UXBRIDGE FOR
£75 MILLION TO ANNINGTON
St. Modwen has completed the forward-sale of 207 private rented sector units at its 1,300-home mixed-use regeneration project at St. Andrew's Park, Uxbridge, to Annington Rentals (No.4) Limited ("Annington") for a total cash consideration of £75 million, upon the occurrence of certain construction milestones. The sale will accelerate the delivery of future phases of the St. Andrew's Park scheme and will release capital for St. Modwen to invest in build-for-sale homes which will not compete with the private rented sector housing tenure.
The overall Triangle site is a 249-apartment development spread over four blocks, which will provide 207 homes for the private rented sector. The remaining 42 affordable homes were forward-sold by St. Modwen to Catalyst Housing Limited in December 2016.
Tim Seddon, Property Director - South East, St. Modwen, said: "This forward sale is a very significant milestone for this transformational scheme as it accelerates the supply of much-needed homes whilst enabling us to release more land earlier for homes for private sale as we deliver on the overall St. Andrew's Park vision.
"Annington will provide further diversification of homes and tenures within the St Andrew's Park community. They join St. Modwen Homes, which is currently providing over 140 homes over two phases of the development, as well as Persimmon, which has delivered some 350 homes at ---St. Andrew's Park."
The topping-out ceremony of The Triangle with contractor, Galliford Try, took place last month and is scheduled for completion in stages between November and May 2019.
Savills Capital Markets Team acted on behalf of St Modwen, and Knight Frank on behalf of Annington.
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LEI: 213800WMV4WVES8TQH05
For Further information, please contact:
St. Modwen Properties PLC
Mark Allan, Chief Executive Tel: 0121 222 9400
Rob Hudson, Chief Financial Officer www.stmodwen.co.uk
Kathryn Edwards, Interim Head of Corporate Communications
FTI Consulting
Dido Laurimore Tel: 020 3727 1000
Tom Gough stmodwen@fticonsulting.com
Ellie Sweeney
Notes to Editors
St. Andrew's Park
St. Andrew's Park is located on the site of the Battle of Britain Bunker which controlled the UK's air defence during the infamous WW2 encounter. The Triangle site is part of St. Modwen's wider extension to Uxbridge's Town Centre within St. Andrew's Park, with new offices and a commercial centre proposed, which is expected to create around 1,000 jobs in the area.
The homes also sit on the edge of London's newest park, a 32-acre area of woodland and parkland along the River Pinn which is at the heart of the scheme. A new 720 pupil two-level primary school has already been delivered and is now open.
St. Andrew's Park has a rich history as the former RAF Uxbridge played a pivotal role in the WWII's Battle of Britain. As well as being home to the Battle of Britain Bunker museum and operations room, the Grade II listed Hillingdon House sits at the heart of the park and is set to become home to a new restaurant.
St. Modwen Properties PLC
St. Modwen operates across the full spectrum of the property industry from a network of regional offices, a residential business and through joint ventures with public sector and industry leading partners.
The Company has an outstanding 30-year track record of adding value by managing schemes through the planning process, remediating brownfield land and active asset management and development.
With extensive experience in dealing with complex and challenging sites, St. Modwen is focussed on the long-term development of commercial property and residential land.
St. Modwen's £1.7bn national portfolio of over 100 projects includes; the regeneration of New Covent Garden Market, London; the transformation of Longbridge, Birmingham and the on-going regeneration of over 2,500 acres of former industrial land in South Wales which includes the delivery of the new £450m Bay Campus for Swansea University.