Housebuilder boosted by takeover of United House鈥檚 regeneration business last September
Telford Homes鈥� development pipeline has soared to a record 拢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鈥檚 development pipeline has also been bolstered by the takeover of United House鈥檚 regeneration business last September, which added four major sites and a total of 拢500m to the firm鈥檚 pipeline.
Telford also posted a 28% jump in pre-tax profit to 拢32m, up from 拢25m the previous year, as well as record revenue of 拢246m, up 42% from 拢174m.
Telford鈥檚 results come after .
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 拢67m in February.
Commenting on the results, Telford Homes chief executive Jon Di-Stefano said: 鈥淭here 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.
鈥淭he 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.
鈥淭elford 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鈥檚 future growth.鈥�
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