Posts tagged residential development

Former factory site to be transformed into new homes

Plans to regenerate a former factory site into the building of affordable housing and a social care home have been submitted to Leeds City Council.

Home Group, one of the UK’s largest providers for social housing, is planning to build more than 50 new homes and a 64-bed care home in the Armley area of the city on Theaker Lane.

The site sits on a former tannery and soft drinks factory which hasn’t been used for a number of years and is now run down and overgrown. The building work will be carried out by Mansell and LNT Construction.

The £10 million regeneration scheme has been partially funded by the Homes and Communities Agency. It is expected to create hundreds of jobs in the building sector and boost the trades.

Home Group’s head of development, Teresa Snaith, said: “The current site is overgrown and hasn’t been used for a number of years. At a consultation event we held with local residents they have said that they are keen to see the area regenerated and put to good use.

“We hope to build 51 homes which will be available for affordable rent and our partners Ideal Care Homes will also build a 64-bed care home specialising in residential and dementia care if the planning is approved.”

Craig Houston, Regional Director for Mansell’s Yorkshire Business Unit commented “We are excited to be involved with this major regeneration scheme, hopefully one of the first of many site-led opportunities to come to fruition in the coming months.”

£13.5 Million Construction Work to Get Underway in Coventry

National housebuilding company, Galliford Try, has won a £13.5 million residential building job in South East Coventry.  Construction work will begin next week, helping the local economy and creating new jobs in the building construction sector.

The firm has been appointed to build a new 12 acre development, mainly consisting of retail units and residential apartments, before January 2013. Tenants which have already been approved for the shopping units include supermarket giant Asda, Marks & Spencer and Boots.

Fund Manager at Aviva Investors, David Diemer, the company through which Galliford Try was appointed to carry out the project, welcomed the redevelopment of the area saying it will benefit local residents and the Midlands region as a whole.

Mr Diemer said: “With a catchment of 750,000 people in a 20 minute drive time, we are expecting this to be a very successful shopping park for this area of the Midlands.

“This is why so much time has been spent on the design process and the choice of quality materials. We wanted to make sure that we built something that would complement the local area and provide positive benefits to the surrounding communities.”

What is your opinion on the £13.5 million residential job given to Galliford Try? Do you welcome the huge redevelopment scheme starting from next week? Share your thoughts by leaving a comment below: 

Big Jumps in Profits for House Builders as Residential Investment Continues to Grow

House builders across the UK have seen a rise in their operational margins for the second half of 2011 as residential investment property delivered a return of 11.3% last year according to statistics published today by the Annual Residential Property Index.  

One of UK’s largest home builders, Taylor Wimpey, has doubled its operating margins from 6.4% in 2010 to 10.1% for the last quarter of 2011 as the house market continued to improve.

Taylor Wimpey’s operating profit jumped to £159.5 million for the last year, representing an increase of 81% compared to operational profit of £88.3 million for 2010.

Growth in the housing market is considered to be a result of the continual government investment aiming to build more new homes all over the UK. It has recently invested £250 million in affordable housing schemes and made proposals to sell off public land to encourage house-building projects.

Chief executive at Taylor Wimpey, Pete Redfern, said that company’s performance is a result of a continual focus, significant improvement in margins and return on capital.

Mr Wimpey said: “While wider economic conditions remain uncertain, the UK has seen a period of continued stability in the underlying housing market and strong growth across a number of areas as shown by our order book. We feel well-positioned to deliver further improvement through our value-driven strategy.”

Are you optimistic about future growth in the housing market and what it would mean for you? Share your thoughts by leaving a comment below: 

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