14 Nov 2008 07:00
St. Modwen Properties PLC
St. Modwen selected as preferred developer for 2,500 acre BP land portfolio
BP has selected St. Modwen Properties PLC ("St Modwen"), the UK's leading regeneration specialist, as preferred developer for a 2,500 acre portfolio of brownfield sites situated across South Wales, Scotland, the Midlands and South East England.
This is the second occasion when BP has chosen to partner with St. Modwen, the first being the redevelopment of the 1,000 acre former Llandarcy oil refinery in Neath South Wales into the Coed D'Arcy urban village.
St. Modwen, an expert in the regeneration and renewal of brown-field land, was chosen after an extensive and thorough selection process.
St. Modwen and BP will now progress with concluding the acquisition of the portfolio, before commencing an extensive programme of remediation works. The sites are likely to be redeveloped into a mix of uses and will be predominantly employment-led commercial development.
The acquisition will be for a nominal consideration, with an undisclosed dowry to be received from BP as a result of the liability for remediation being transferred to St Modwen. The development remediation costs will be incurred over the 10 to 15 year life of the project, which will be broadly cash neutral as value is unlocked from the sites.
Bill Oliver, St. Modwen Chief Executive, comments:
"We are delighted to have been selected as preferred bidder by BP on such a varied and extensive portfolio. Cleaning up the landscape and transforming sites into attractive developments, in which people can work and live, is at the heart of what St. Modwen does. There is still a long process to go through before we commence the remediation and subsequent development but we look forward to continuing our relationship with BP on the successful regeneration of these sites."
14 November 2008
ENQUIRIES:
| St. Modwen Properties PLC | www.stmodwen.co.uk |
| Bill Oliver, Chief Executive | 0121 222 9400 |
| Tim Haywood, Finance Director | |
| Charlotte McCarthy, PR Manager | |
| College Hill | www.collegehill.com |
| Gareth David | 020 7457 2020 |
Further information:
St. Modwen is the UK's leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focused upon regeneration with expertise in brown-field land renewal, partnering with industry, town centre regeneration and heritage restoration.
The sites are as follows:
Wales
Baglan Bay, Neath (1,050 acres)
Crymlyn Burrows, Neath (1,000 acres)
Transit Site, Neath (50 acres)
Air Force Reserve Depot, Neath (10 acres)
Neath Canal Company, Neath (16 mile-long canal)
Llandarcy Park, Neath (120 acres)
Former works, Barry (100 acres)
Sully, Barry (6 acres)
Angle Bay, Pembrokeshire (20 acres)
Queens Dock, Swansea (60 acres)
Scotland
Pumpherston, West Lothian (110 acres)
Roman Camp, West Lothian (20 acres)
Addiewell, West Lothian (100 acres)
England
Thames Road, Crayford (12 acres)
Market Drayton, Shropshire (1 acre)