Wellingborough schemes help with ‘strong year’ for regeneration specialist

The London Road retail park in Wellingborough
The London Road retail park in Wellingborough

A regeneration specialist has said its projects in Wellingborough have helped with its annual results.

St. Modwen, the firm behind the London Road retail park in the town, has just announced its annual results, including a trading profit of £56.1 million.

It said its strong results have been underpinned by resilient regional commercial and housebuilding operations.

Rupert Wood, regional director for Northern Home Counties, said: “The Northern Home Counties region has had a strong year.

“We have recycled over £20 million of capital through the sale of two developments in Letchworth, Hertfordshire and Wellingborough, Northamptonshire as well as securing significant planning consents at our properties in Thurleigh, Bedfordshire and Wolverton, Buckinghamshire.

“During the year we secured two significant planning consents; for 40,000 sq ft workshop and vehicle storage at Thurleigh Airfield Business Park and for the £100 million regeneration of the Wolverton Works site in Wolverton, Milton Keynes.

“We have continued to improve and create value in our managed asset portfolio especially at Edmonton Green Shopping Centre in Enfield which is now almost 100 per cent occupied and where we have agreed a new 150-year lease with the London borough of Enfield.

“We have also continued to add to our development pipeline by becoming Bovis Homes’ commercial development partner at their Stanton Cross project in Wellingborough to deliver up to 1.5m sq ft of commercial space across 108 acres.

“We will continue to seek further opportunities to carry out new development, as we continue to grow our regional portfolio in the Northern Home Counties through investment in our existing assets and acquisitions.”

While St. Modwen sold Wellingborough’s London Road retail park, with tenants including Lidl, McDonalds and and Subway, to Central England Co-operative last year, its investment in the town will continue with the Stanton Cross scheme.

St. Modwen was appointed as Bovis Homes’ commercial development partner for Stanton Cross, the £900 million development bringing 3,750 new houses to the town and set to create more than 3,000 jobs.

Its role will see it delivering new retail, office and industrial buildings for the town.