St. Modwen Properties PLC (LSE: SMP), the UK's leading regeneration specialist, has agreed terms with Swansea University for the provision of the £150 million (approx. 175 million) first phase of the New Science and Innovation Campus. The entire Campus will be located on St. Modwen's 65 acre Transit site, one of the holdings within a 2,500 acre portfolio acquired from BP in 2009, and which has been fully remediated.
The first phase of this scheme, which received detailed planning permission in December 2012 from Neath Port Talbot County Borough Council, will comprise 700,000 ft² (approx. 65,000 m²) of development including 430,000 ft² (approx. 40,000 m²) of academic space, 899 student apartments and associated retail space. This will deliver world-leading research, innovation and education facilities for Swansea. St. Modwen expects to start on site in April 2013.
The University has already secured European Investment Bank and Welsh Government funding whilst St. Modwen has also secured the investment sale of 50% of the student accommodation to a major institutional investor.
An outline planning permission is already in place for future development phases which will be in excess of £300 million (approx. 350 million) in value.
Bill Oliver, Chief Executive of St. Modwen, commented:
"The new Science and Innovation Campus will help position Swansea University as a vibrant and modern destination for academic studies, while also helping to attract high technology companies to the city. We expect the project will create a variety of highly skilled jobs, providing a significant economic boost for Swansea and the wider area during a period characterized by low growth and investment.
"This is an incredibly exciting project and one that complements our extensive experience in regenerating complex sites. We are very pleased to have agreed terms and look forward to engaging with Swansea University, Neath Port Talbot Council and other stakeholders to progress the delivery of this substantial and strategic development."
Source: St. Wodwen