17 December 2020
St Mark Homes PLC
Shareholder Update & Dividend Declaration
St Mark Homes PLC (AQSE: SMAP), the housebuilder operating mainly in London and the South East of England, today announces the following shareholder update:
The board of St Mark Homes PLC wish to provide an update on the business and current status of its joint venture projects and to advise its shareholders on the payment of an interim dividend to them.
As at December 2020, the Company had recently completed or was currently engaged in the development of five projects outlined in further detail below.
Gwynne Road, Battersea, London, SW11
Following the completion of the development, the Company disposed of all residential units in this mixed- use scheme. The Company continues to market the commercial element of the scheme through its agents, Houston Lawrence, having obtained an extension of approved commercial uses from the London Borough of Wandsworth to include D1 (medical) and educational uses in July 2020, in addition to previous office and retail uses.
324 - 346 High Street, Sutton
The Company, in association with its JV partner, successfully secured planning consent from the London Borough of Sutton for the extension of the ground floor retail space at its previous developed scheme at 324 – 340 High Street, Sutton, together with approval for a new six-storey building comprising 30 residential apartments over ground floor retail space and basement car park on the adjacent land at 342 – 346 High Street, in November 2020. Construction works are set to commence in February 2021, with completion of the scheme expected in the second half of 2022.
The Company is in advanced negotiations with a FTSE 100 retailer for the letting of the ground floor retail space and is hopeful that this will lead to the securing of a long lease for this element of the scheme.
The Company plans to commence marketing of the residential element of this scheme in the summer of 2021.
144 - 156 Uxbridge Road, Hanwell, London, W7
The Company has taken an equity stake in the development of a mixed use regeneration scheme (36 apartments over ground floor retail space together with 7 houses) in Hanwell, London, W7. The development is located just 200m from the new Crossrail station at Hanwell in West London.
Construction of the project is significantly underway and scheduled to be completed in Autumn 2021.
The business has already secured a FTSE 100 tenant for 80% of the retail space. The marketing of the residential element is schedule to commence in spring 2021.
553 – 563 High Road, Finchley, N12
The Company has formally established a new JV business with Mizen Group for the development of 5 new houses in Finchley, North London.
The development will see the construction of 7 new houses in this affluent and leafy suburb of North London.
Construction work is set to commence in spring of 2021, with completion forecast for spring 2022.
2A – 2B Twyford Avenue, Muswell Hill, London, N2
The Company (through its participation in the new JV business with Mizen Group) has also invested in a new build housing scheme in Muswell Hill, North London. This development will see the construction of seven new houses in this affluent and leafy suburb of North London.
Construction is underway and is scheduled to be completed toward the end of 2021.
Interim Ordinary Dividend
Following the success of the planning application at Sutton, the board have decided to declare an interim ordinary dividend in the amount of 3p per share. The dividend will be paid to all shareholders on the register at 30th December 2020 and shall be paid on 8th January 2021. The ex-dividend date is 29th December 2020.
On behalf of the board, the Company would like to thank its shareholders for their continued support of the business.
The Directors of St Mark Homes PLC accept responsibility for this announcement.
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For further information, please contact:
Sean Ryan, Finance Director
St Mark Homes Plc
Tel: +44 (0) 20 7903 6777
AQSE Stock Exchange Corporate Adviser
Alfred Henry Corporate Finance Limited
Tel: +44 (0) 203 772 0021