St Modwen, the Birmingham-based regeneration specialist, said in an end of year statement today that it had continued to make good progress. It's void rate has reduced by a third since last year to 12% and the rent roll is up 6% to £46 million.

St Modwen is currently building houses on two former industrial sites, the BL Longbridge site and the Goodyear Wolverhampton site. It has over 20,000 plots in it's land bank, some in joint ventures, but is benefitting from increased activity in the sector.

On the industrial side they recently started on site work on their £10 million Venture Fields Leisure Development at Widnes Waterfront. Developed in conjunction with Halton Borough Council, the 100,000 sq ft scheme is already 96% pre-let and will provide up to 150 new jobs for the area.

St Modwen management expect the valuation of their portfolio to have increased, if they are right and given that the firm has rolled over most of it's banking facilities for four years on existing terms, the bankers must think so, they are set fair.

Bill Oliver, Chief Executive, said:

"The outlook for St. Modwen remains positive, both in terms of profit and net asset value growth. We continue to capitalise on our ability to actively manage and progress our development projects across the UK.  This and our strong forward position of pre-lets and pre-sales gives us confidence in our future growth."