St Modwen is poised to be named as the developer of a 1,000 acre (405 ha) mixed-use development site in south Wales.
As tipped in Property Week (finance, 16.02.07), the listed regeneration developer is the winning bidder for the former bp Llandarcy oil refinery near Neath.
Rebranded Coed Darcy, the site is to be turned into Wales’ first urban village. The project is backed by the Prince of Wales’ Foundation for Architecture and the Urban Environment and will involve the Welsh Development Agency, Neath Port Talbot County Borough Council and BP.
It is understood St Modwen will be named by the Welsh Development Agency either tomorrow or early next week. BP has hired Savills to sell the site. The Coed Darcy scheme envisages about 4,000 homes, half of which should be built by 2016. Outline plans for the whole site are yet to be approved by the Welsh Assembly and local planning authorities.
St Modwen would lead the regeneration of the site and sort out planning permissions and then team up with one or more housebuilders to build up to 5,000 homes.
Persimmon and Wimpey, two of the country's largest housebuilders, are thought to be leading the battle to team up with St Modwen.