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Vistry has appointed the preferred developer for the £276 million homes project

A subsidiary of the Vistry Group has been named ‘preferred developer’ for a £276m project in north London.

The Greater London Authority and the Mayor’s Office for Policing and Crime have selected Countryside Partnerships to deliver 739 new mixed-use homes and numerous leisure spaces.

Around 60 per cent of the new housing units will be classed as affordable and will include a mix of affordable rent, social rent and shared ownership properties, while a further 144 will be for rent and 168 privately sold homes.

Wins contract: One of Vistry Group’s subsidiaries has been named ‘preferred developer’ for a £276m development project in north London

They will be built on the site of the former Hendon Metropolitan Police training center and driving school in Colindale.

Vistry also said the development would include a new nursery, social enterprise and a «social value programme» which would «reflect the expressed needs and aspirations of the community» and boost jobs and apprenticeships.

Work on the project is expected to begin in the summer of 2025 and completion is planned for 2030.

Greg Fitzgerald, CEO of Vistry, said: “(The deal) it reflects the strength and resilience of our partnership model and we look forward to using our successful regeneration and placemaking to date to create much-needed new homes and sustainable communities for the people of Barnet.”

Vistry’s announcement comes just over a week after the firm said full-year performance would beat previous expectations, with its adjusted pre-tax profit expected to be in line with the previous year’s figure of £418.4m.

The Kent-based group revealed its future sales position reached £4.5bn at the end of 2023, up 12.4% year-on-year, despite a more subdued housing market.

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It noted a «good level» of demand for affordable homes from local authorities and a pick-up in private rental sales during the second half of last year, particularly in the fourth quarter.

Vistry said he was optimistic that the recent easing of mortgage rates would help boost demand this year.

The average two-year fixed mortgage rate is now 5.59 per cent, according to Moneyfacts, while the two-year fix is ​​5.22 per cent.

The cost of home loans rose steadily throughout 2022 and most of 2023 as the Bank of England began to raise interest rates to try to dampen rising inflation.

Rates were worsened by former prime minister Liz Truss’s controversial mini-budget, which caused a significant drop in apartment sales.

Mortgage costs remain above pre-pandemic levels, but have declined significantly in part due to confidence in future prime rate cuts.

Shares in Vistry Group were 2 percent higher at 953.5pa on Tuesday morning, up around a quarter over the past 12 months.

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