Type Public (LSE: SMP) Founded 1966 Net income 217.3 million GBP (2015) | Website www.stmodwen.co.uk Revenue 287.5 million GBP (2015) | |
Industry Property and Regeneration Predecessor Clarke St. ModwenRedman Heenan International plc Key people Sir Stanley Clarke CBE, (co-founder)Jim Leavesley, (co-founder)Bill Shannon, Non Executive ChairmanMark Allan, CEO Stock price SMP (LON) 319.07 GBX -2.23 (-0.69%)24 Mar, 5:02 PM GMT - Disclaimer Subsidiaries VSM Estates (Holdings) Ltd., Holaw (462) Ltd. Profiles | ||
St. Modwen Properties plc (LSE: SMP) is a British-based property investment and development business specialising in the regeneration and remediation of brownfield land and urban environments. It is headquartered in Birmingham, has a network of seven regional offices across the UK and, as at 30 November 2015, owned a 6,000 acre land bank and a £1.7bn property portfolio.
Contents
History
The business was founded by Sir Stanley Clarke CBE and his brother-in-law Jim Leavesley in 1966 as a property development business called Clarke St. Modwen. In 1986 the management reversed the business into Redman Heenan International plc, a listed former engineering concern that had become a shell company. At that time, in 1986, the name was changed to St. Modwen Properties plc. In the 1980s the company developed the Stoke-on-Trent Garden Festival site.
In January 2004 the company acquired a 230-acre site at Longbridge from Phoenix Venture Holdings. The land at the Longbridge site was obtained by St Modwen Properties at a fraction of the actual value after the company paid a £100,000 property commission to a firm run by an associate of the Phoenix Four.
In January 2013 the company entered into a development agreement for the New Covent Garden Market site in London and in March 2013 the company entered into a development agreement for the first phase of Swansea University's Bay Campus.
In June 2016 the company entered into development agreements for (i) the Spray Street Quarter in Woolwich, a regeneration project in joint venture with Notting Hill Housing to create a mixed-use development, (ii) Chippenham Gateway in Wiltshire, a 79-acre site to be developed into a 1 million sq ft industrial park and (iii) Stanton Cross, Wellingborough, a project involving 1 million sq ft of industrial accommodation.
In 2016 the company has established a Private Rented Sector (PRS) business unit.
Operations
The company has a strategy to add value to the properties it owns through remediation, enhanced planning approvals and asset management. The company's £1.7bn portfolio comprises the following categories of assets:
The residential part of the business creates value through four routes to market: