An ex-Barratt boss has been handed £100m to set up a new London housebuilder
Adam Lawrence, former regional chairman of Barratt London & Thames Gateway, is launching a residential developer called London Square. Private equity firm Graphite Capital, which has previously backed firms such as restaurant chain Wagamama and electronics retailer Maplin, has stumped up £100m as a warchest.
Lawrence said: “We’re extremely well capitalised and are well positioned to take advantage as conditions improve in the housing market.
“The London and South-east housing markets are showing signs of recovery, and there remains a strong pipeline of opportunities, including distressed land sales from financial and government institutions.”
A statement from the firm said that it plans to build 600 homes a year within five years.
It will focus on locations within the M25 and homes will range in value from £200,000 to £1.5m.
Mike Innes, partner at Graphite Capital, added: “Adam has an exceptional track record of successful and profitable residential development in London. This is a good opportunity to back an excellent team at a favourable point in the cycle.”