Planning update at Longbridge

Date: 26th June 2014  

ST. MODWEN GETS GREEN LIGHT FOR 150,000 SQ FT MARKS & SPENCER DEVELOPMENT AT LONGBRIDGE, BIRMINGHAM

St. Modwen has announced it will shortly begin work on the second phase of retail development on its 468 acre former MG Rover site at Longbridge, including a landmark 150,000 sq ft Marks & Spencer store, marking a further significant step forward in this £1bn regeneration project.

The news follows planning committee approval of a resolution to grant planning permission for the Marks & Spencer and an additional 45,000 sq ft of retail space, together with surface and multi-storey car parks. Over 500 new jobs are expected to be created as part of the construction process and following its completion.

This next phase of the Town Centre will complement the existing retail space, creating further new employment opportunities and delivering an enhanced environment for visitors and those already working and studying at Longbridge.

Construction work is expected to start on site in the autumn, with planned completion scheduled to enable trading by Christmas 2015.

Bill Oliver, Chief Executive, St. Modwen said:

"The development of the new 150,000 sq ft Marks & Spencer store, the anchor of the second phase of the new Town Centre at Longbridge, represents a significant milestone at this major regeneration project and is a key part of our overall aim to create business and employment opportunities in the area."

Sir Albert Bore, Leader of Birmingham City Council commented:

"It is extremely encouraging for Longbridge to see this substantial level of investment from a major national retailer. This significant commitment by Marks & Spencer is a reflection of the ever increasing confidence being generated by Longbridge and in South West Birmingham and recognition of the impressive impact St. Modwen has made in the regeneration of this important brownfield site."

St. Modwen originally acquired the 468 acre former MG Rover site at Longbridge in 2003. The scheme constitutes a 15-year, £1 bn regeneration project, which will culminate in the creation of a vibrant mixed-use community, with up to 2,000 new homes together with employment and retail facilities to support up to 10,000 jobs.

Following an intensive four year remediation programme, St. Modwen has, since 2007: completed a development of more than 150,000 sq ft of office and industrial space which is over 95% occupied; delivered the 250,000 sq ft Bournville College which opened in September 2011 and the £5m youth centre known as 'the Factory'; opened the first phase of the Town Centre in August 2013, comprising an 80,000 sq ft Sainsbury's, a 75 bedroom Premier Inn, 24 shops, restaurants, 35,000 sq ft of offices and the £2m Austin Park; and, via St. Modwen Homes and the joint venture with Persimmon, is developing over 450 new homes, of which around 50% are already completed and occupied.

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Notes to Editors

St. Modwen Properties PLC

St. Modwen is the UK's leading regeneration specialist. The company operates across the full spectrum of the property industry from a network of seven regional offices, a residential business and through joint ventures with public sector and industry leading partners.

The Company is focussed wholly upon regeneration with an outstanding 25 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 has a land bank of more than 5,900 net developable acres and is focussed on the long-term development of commercial property and residential land.

St. Modwen's extensive national portfolio includes; the regeneration of New Covent Garden Market, London; the transformation of Longbridge, Birmingham and the on-going regeneration of over 3,500 acres of former industrial land in South Wales which includes the delivery of the first phase of Swansea University's £450m Bay Campus.

For further information, please contact:

Stephanie Highett / Dido Laurimore / Nick Taylor

FTI Consulting

T: 020 3727 1000

Charlotte McCarthy / Emily Boswell

St. Modwen Properties PLC

T: 0121 222 9400

E: [email protected]