A DEVELOPER behind plans for a County Durham industrial hub aims to trigger fresh growth after refining operations.

St Modwen says it has identified new opportunities in the commercial and housebuilding sectors.

Bosses say the twin approach will allow the business to take advantage of “robust” rental agreements for factory space and a “resilient” housing sector.

The company is known for the Faverdale 58 project, in Darlington, which it says would sit alongside existing operations that include Argos and Aldi warehouses and firms such as marine engineer Subsea Innovation and cycle parts company Zyro Fisher.

It also previously bought Billingham town centre in a £14.25m deal, with the promise of overhauling shops, leisure and business sites.

Mark Allan, chief executive, said such undertakings, combined with the company’s strategy re-evaluation, leave it well placed to respond to market turbulence, wherein annual profit before all tax dropped nearly £200m to £60.8m last year.

The business also endured a dip in commercial development profits, while it was impacted by changes to Stamp Duty Land Tax rates and suffered issues with its New Covent Garden Market holding in London.

However, speaking today (Wednesday, June 7), upon St Modwen revealing a trading update for the half-year to May 31, he said: “Over the last six months we have undertaken a detailed review of the portfolio and existing opportunities within our asset base.

“The outcome has been positive, highlighting the opportunity to create value through our regeneration, commercial and residential expertise.

“Having experienced a positive start to the year, we will now continue to refine the strategy and concentrate on areas that present genuine opportunities for value generation and further business growth.”

Mr Allan also praised St Modwen’s “resilience in the face of broader market uncertainties.”

The business’ Billingham endeavour previously saw it sell an area to Aldi, which has created a store on the site of the former Billingham Arms Hotel, and extend leases with tenants including retailer M&Co. Officials have also overseen the arrival of Italian eatery D’uccellos.