SMP.L Regulatory News (SMP)

24 May 2007 07:00

St. Modwen Properties PLC24 May 2007 St. Modwen Properties PLC Newport gives green light to £1bn regeneration of Llanwern St. Modwen Properties PLC ("St Modwen" or "the Group") is a regenerationspecialist which focuses on town centre regeneration; partnering industry in itsrestructuring; brown-field land renewal; and restoring heritage The Board of St Modwen is pleased to announce that the planning committee ofNewport City Council has resolved to grant outline planning consent for theGroup's proposals for the transformation of a 600-acre former steelworks site atLlanwern, into a £1 billion sustainable, mixed use development, comprisinghousing, office and industrial space, public open space and a range of communityfacilities. Redevelopment of this site, which was formerly part of Corus' steelworks site,is expected to take 20 years to complete. It will include 4,000 new homes,catering for all sections of the housing market, with 20% of the total being "affordable" homes and the balance ranging from apartments to large detachedhouses. There will also be approximately 1.5m sq ft of office, factory andwarehouse space. The initial phase of the infrastructure works should commencelater this year with the first dwellings and employment buildings beingdeveloped next year. Facilities being provided by St Modwen for the community will include two newschools, lakes and other open spaces and a park and ride facility to serve a newrailway station. Substantial new sports and play areas will be created, togetherwith a multi-purpose community centre, and a District Centre with local shops,cafe bars and restaurants. Construction of the scheme and on-site employment space will generateapproximately 6,000 new jobs, nearly as many as the steelworks in its heyday. At the heart of the new development will be three inter-connected lakes and asubstantial park area that would be available for the enjoyment of people livingin the wider area as well as residents. A network of greenways will connect thiscentral park to the new neighbourhoods. The lakes and greenways are part of an innovative strategy of dealing with therisk of potential tidal flooding on the site, to ensure that homes andbusinesses are secure from flooding and that there is no adverse impact onproperties elsewhere in the area. The flood alleviation measures proposed in theplanning application have been reviewed and approved by the Environment Agencyfor Wales and are capable of dealing with a major flood event. Redevelopment of this site, which lies just three miles east of Newport andclose to the M4 Motorway, has been recognised as one of the main regenerationopportunities in Wales, with specific mention of the site's ability and capacityto create a comprehensive and meaningful contribution to Newport, being in theWales Spatial Strategy. Anthony Glossop, Chairman of St Modwen, comments: "I am delighted by the support which Newport City Council has shown for ourexciting scheme. Together with Coed Darcy, St Modwen will now be carrying outthe two largest regeneration schemes in Wales, which will take up to 20 years tocomplete, but will eventually provide 8,000 new homes in two entirely newcommunities, and see the creation of some 10,000 new jobs in areas badly hit bythe demise of traditional industries." Councillor Bob Bright, Leader of Newport City Council, adds: "The St Modwen development at Llanwern is symbolic of how far this city has comein the past few years. A site which was subject to such major job losses in 2001is now one of major opportunity on one of the largest brown-field developmentsites in England or Wales. The enormous scale of the proposals - thousands ofnew homes and jobs - is yet more evidence of investors' confidence in Newport asa city of opportunity and reinvention." 24 May 2007 ENQUIRIES: St. Modwen Properties PLC Tel: 0121 222 9400Anthony Glossop, ChairmanBill Oliver, Chief ExecutiveRupert Joseland, Regional Director Tel: 0117 316 7780 College Hill Tel: 020 7457 2020Gareth David This information is provided by RNS The company news service from the London Stock Exchange