St Modwen's vision for the regeneration of Longbridge is "motoring ahead" the developer said yesterday as it revealed another record performance.
The Quinton-based firm, which owns the former MG Rover site in Birmingham, said it was confident of applying for planning permission next year and create a project with a valuation of at least #500 million.
Demolition work is well advanced and due to be completed this year along with the latest round of public consultations on its future.
St Modwen chairman Anthony Glossop said the redevelopment of the former car factory, which employed 6,500 people when Rover collapsed nearly two years ago, could ultimately generate 10,000 jobs.
He was speaking as St Modwen revealed a 17 per cent rise in pre-tax profits for the year to the end of November, a jump from #82.9 million to #96.9 million.
Meanwhile the company spent #267 million on new sites, including #231 million on Project MoDEL – the joint venture with Vinci Estates to enable the Ministry of Defences' real estate in north-west London to be consolidated on a single site at RAF Northolt. This and other deals boosted St Modwen's landbank by 807 acres to 7,578 acres, of which 5,058 is developable.
Mr Glossop said: "It is a strong set of results. It's been a record year for acquisitions. We have spent more money and acquired more acres than ever before."
Mr Glossop said the company had also made serious progress with "the hopper" – the pipeline of projects going through various stages before construction work begins. He said: "We got 50 planning consents during the year, which is a lot when you consider how difficult it is."