2015: No.23 - £150m
2014: No.28 - £115m
The improving regional property market is proving to be good news for Simon Clarke’s St Modwen regeneration company. The developer saw a 32 per cent increase in profits in the first half of 2014 to £51.3 million, and forecast the full year figures would be at the top end of expectations.
Realised property profits were also up by £3 million to £19.1 million. The company expects a good full year result following an uplift in property valuations and its own value added development and asset management activities.
The performance was underpinned by further advances in its residential business as the housing market continues to lift, and a continued focus on London and the South East . In November St Modwen was granted planning permission from the London Borough of Wandsworth for the redevelopment of New Covent Garden Market in Nine Elms. The project is a joint venture with VINCI.
Elsewhere the company has a significant number of development projects under construction including Swansea University’s Bay Campus and the 150,000 sq ft Marks and Spencer at Longbridge.
St Modwen has relocated its office from Quinton Business Park to the Longbridge site where it is carrying out a £1 billion regeneration project. The company is occupying 11,300 sq ft of space at Park Point, the new-build office development in the newly-created Longbridge town centre
Falling land and property values took their toll on the Clarke family’s 28.3 per cent stake when the property market collapsed a few years ago. But following its recovery the family stake is worth nearly £80 million.
St Modwen is also active in projects in Hednesford where a £50 million shopping centre – the Victoria Shopping Park – has been created, in Derby where the developer is behind a proposal for the Derby Triangle regenerations scheme, and in Billingham where the company has purchased 322,000 sq ft of town centre for £14.3 million to develop its retail and office potential.
Other new St Modwen developments are under way in Rugby, Evesham and Stoke-on-Trent.
Simon Clarke, aged 49, takes an active part in the running of Quinton-based St Modwen, the company founded by his late father Sir Stan Clarke who died in 2004.
In 2007 the family sold their 56 per cent stake in Dunstall-based Northern Racing for £65.9 million .
Simon Clarke lives on his Staffordshire estate at Dunstall.