St Modwen has exchanged contracts on the purchase of a portfolio of former BP sites, situated across South Wales, Scotland, the Midlands and the south east of England.
As revealed by Property Week the regeneration specialist will begin an extensive programme of remediation works across the sites which is likely to begin this year and will take approximately three years to complete.
At the same time, it will work up a series of planning applications proposing to redevelop the sites into more than 600 acres of employment-led development and eventually creating opportunities for thousands of new jobs.
The largest site in the portfolio, a former petrochemicals plant at Baglan Bay in Neath South Wales, comprises a total of 1,050 acres. It will be one of the three largest regeneration projects in South Wales alongside two other projects currently being developed by St Modwen including the £1bn redevelopment of the former Llandarcy oil refinery into the Coed Darcy Urban Village, Neath and the £1bn redevelopment of the former Llanwern Steelworks in Newport.
David Toman, general manager at BP, said: 'The expertise of St Modwen in remediation and regeneration has been proved by their work over the last three years on the transformation of Llandarcy which is a 25 year project.'
Steve Burke, construction director at St Modwen said: 'Our plans are to transform these sites into employment-led developments which in South Wales, will complement the residential elements of the Coed Darcy and Llanwern schemes.'