Housebuilder boosted by takeover of United House’s regeneration business last September
Telford Homes’ development pipeline has soared to a record £1.5bn as the housebuilder shurgs off concerns over the London housing market.
In its results for the year to March 2016, the firm said the main areas of opportunity were in the non-prime London market and in PRS.
The housebuilder’s development pipeline has also been bolstered by the takeover of United House’s regeneration business last September, which added four major sites and a total of £500m to the firm’s pipeline.
Telford also posted a 28% jump in pre-tax profit to £32m, up from £25m the previous year, as well as record revenue of £246m, up 42% from £174m.
Telford’s results come after it confirmed yesterday it had sold its second scheme in four months to a PRS developer.
Telford sold the majority of its 206-home Carmen Street development in east London (pictured) to investor M&G Real Estate. It will sell the 56-home affordable homes portion to a housing association in a separate transaction.
The sale, for an undisclosed sum, comes after Telford sold its 156-home Pavilions scheme in north London to housing association L&Q for £67m in February.
Commenting on the results, Telford Homes chief executive Jon Di-Stefano said: “There have been some recent and justifiable concerns over prime residential properties in London but this is a different market to that served by Telford Homes.
“The group is focused on desirable non-prime locations in London at a price point that continues to see strong demand. There is an ongoing housing crisis and a clear imbalance between the supply of homes and the needs of a growing population.
“Telford Homes is building homes for Londoners in a market where demand continues to significantly outstrip supply, and the board believes that this undeniable structural factor will underpin the group’s future growth.”