The Government has shortlisted 36 major private rental schemes for a share of the £1bn Build to Rent fund.Up to 6,500 homes will be built using £400m of funding set aside for the second tranche of projects.
Housing Minister Kris Hopkins said the Government was now well on track to have work underway by 2015 to deliver up to 10,000 newly built homes for private rent.
The Homes and Communities Agency will now run the major new-build projects through a due diligence process, with successful bids receiving funding to deliver new homes.
Housing Capital Trust - who plan to build over 500 homes for rent in Manchester
Stanley Dock Properties - who plan to build over 100 homes for rent in Liverpool
Imperial West - who plan to build 192 homes for private rent in Hammersmith and Fulham
Development Securities - who plan to build nearly 350 homes for rent across Brent, Greenwich and Redbridge
The Build to Rent fund is designed to help developers build large scale, quality homes specifically for the private rented sector.
After round one of the scheme, 18 projects are either in the final stage of due diligence or contracting stage, with around half of these projects in London but also in places including Durham, Liverpool and Birmingham.
Construction has also already started on two Build to Rent developments in Southampton and Manchester.
This time round 80% of the projects listed in the secondround are planned for London where demand is high and profits higher.Hopkins said: “The Build to Rent fund will give tenants far more choice over where they live and raise the standard of the properties on offer.
So I’m pleased that so many developers have applied for a share of our £1 billion fund, and that we are well on track to have work underway by 2015 on 10,000 new homes specifically for private rent.”
QDD Athletes Village UK (for SVDP ) 964 - Newham Manchester City Council 863 - Manchester London Legacy Development Corporation 548 - Hackney Muse Developments 527 - Hounslow, Lewisham, Newham, Salford Housing Capital Trust 521 - Manchester Pinnacle Developments (NW) 497 - Salford Canary Wharf Group 493 - Tower Hamlets Dolphin Square Charitable Foundation 389 - Camden, Hammersmith & Fulham, Lambeth, Westminster CS Developments (Manchester) 350 - Manchester Development Securities 349 - Brent, Greenwich, Redbridge LQ Developments 345 - Manchester Essential Living (Helix) 345 - Tower Hamlets Canary Wharf Group 282 - Tower Hamlets Apache Capital Partners 265 - Croydon Newington Butts Developments 262 - Southwark Castlefield Developments (Manchester) 250 - Manchester Grainger 196 - Haringey Imperial West 192 - Hammersmith and Fulham Essential Living (3CL) 172 - Tower Hamlets, Windsor & Maidenhead Binks Developments 168 - Kirklees Essential Living (Swiss Cottage) 158 - Camden Kier Project Investment 151 - Watford Steel Green 151 - Trafford Colliers Wood Investments 150 - Merton BDW Trading 142 - Barnet Spenhill Regeneration 141 - Greenwich Essential Living (Archway) 137 - Islington Coplan Estates 122 - Barking and Dagenham Stanley Dock Properties 112 - Liverpool Carlton Group developments 105 - Redbridge Woking Housing Partnership 105 - Woking BY Development 102 - Woking Maurice Investments 101 - Hackney Orbit Homes (2020) 100 - Stratford-on-Avon Hurst Street 100 - Liverpool Greater London Authority 100 - Newham
Retirement homes specialist McCarthy & Stone is planning to shake-up its operations following the financial restructuring last year.
The firm revealed plans to cut around 90 jobs as it also gave a six month trading up date highlighting a 30% increase in legal completions to 659 homes.
The new management team is believed to be looking at cutting staff numbers by around 10% or 90 jobs, although the exact number of redundancies must be finalised.
It said the axe would fall hardest among head office staff, with more limited cuts also planned at the five regional offices.
Last month former Barratt and Mount Anvil director Clive Fenton joined the firm as new CEO to quickly grow the business.
John White, chairman of McCarthy & Stone, said: “Our organisational review is indicative of an ambitious programme of change within the business, designed to see us outperform growth in both our niche sector and the retirement housing market generally.”
He added overall half-year revenues were up by around 50% to £150m and forward sales into the second half were up 30% year-on-year at around £133m.
Since September McCarthy & Stone has struck deals to buy 34 new development sites, totalling more than 1,100 units lifting its land bank to 8,500 units.
Redrow chairman Steve Morgan announced plans to strengthen the group’s senior management structure as he joined other house builders in revealing profits up sharply in the first six months.
Managing director John Tutte is to be promoted to group chief executive in June as Redrow plots a course for strong profit growth.
Keith Parrett will also be promoted to the new post of regional chief executive overseeing Redrow’s southern and south east businesses, while Matthew Pratt takes over as new regional chief executive for the northern and midlands businesses.
Morgan, who returned to take direct control after massive losses of £141m in 2009, said the business was now set for strong growth.
”We have started the calendar year well with private reservations since January up 24% on last year from 12% more outlets.
“We expect the housing market to remain robust and for consumer confidence to improve in line with the economy,” said Morgan.
“We have a strong pipeline of new sites in planning and we believe the Government is committed to continuing to speed up the process of obtaining implementable planning permissions.”
Redrow reported that half-year pre-tax profits had doubled to £47.5m as the house builder lifted completions by 30% to 1,565 homes.
A 17% rise in average selling prices to £262,000 aided by greater volume sales helped to lift turnover by 41% to £363m.
The group saw the first significant contribution from the London division with £41.5m of turnover from 133 legal completions.
Redrow said plans for a residential led mixed-use scheme at the Metropolitan Police’s Peel Centre site in Hendon represented a major development opportunity for the London division.
During the period, Redrow secured 3,526 plots, of which over 1,000 were converted from its forward land bank.
At the end of December our current land bank amounted to 16,250 plots, an increase of 15% on the previous six months.
New homes "Think Tank", The Futures Group, details how to rise to the challenge of delivering better homes for the consumer.
Contributors to The Futures Group include leading experts from national house builders, manufacturers and regulatory bodies.
The UK Government has set out an ambitious plan for all new homes to be zero carbon from 2016. The Zero Carbon Hub is here to help you understand the challenges, issues and opportunities involved in developing, building and marketing your low and zero carbon homes. www.zerocarbonhub.org