St Modwen has signed a deal with Axa Sun Life for a £100m scheme in Somerset

The redevelopment of the 63 acre Taunton Trading Estate in Norton Fitzwarren near Taunton will comprise 550 new homes and 170,000 sq ft of industrial space.

The former Ministry of Defence storage depot site will be levelled on a phased basis to enable as many of the existing businesses as possible to relocate within the site in an orderly manner.

The regeneration of the industrial estate will provide the first section of a relief road for Norton Fitzwarren, as well as additional playing fields to serve the village.

The residential development will feature a broad mix of house types and designs, built in a style that reflects a ‘typical’ Somerset village.

Ray Hill, a director at St Modwen, said: ‘We are delighted that our negotiations with AXA have reached a succesful conclusion.

'We will be making an immediate start on site, which will see the first industrial units completed in spring 2008. The first dwellings will be available later that year.’