Birmingham-based regeneration specialist St Modwen has signed a joint venture with housebuilder Persimmon to build homes at Longbridge and a former ‘eco-town’ site in Warwickshire.
Persimmon will be working with the Quinton-based firm to develop 2,000 homes on seven sites owned by St Modwen.
This includes Longbridge, Long Marston in Warwickshire and the Goodyear site in Wolverhampton as well as two in South Wales and two in the Sunderland area.
St Modwen said the development across 120 acres of land would take five years to complete and will have an end value of over £300 million. Further schemes will be added to the joint venture as planning permission is granted.
Bill Oliver, the chief executive of St Modwen said: “We are very pleased to have reached an agreement to joint venture this land with a sector leading house builder with whom we can work to accelerate the delivery of quality housing from our portfolio.”
Mike Farley, the chief executive of Persimmon, added: “We are excited at the prospect of working with St. Modwen. This groundbreaking joint venture will provide Persimmon with a steady long-term supply of plots across England and Wales from St. Modwen’s well-located landbank.”