McCarthy & Stone ramps up building spend to £2bn

Aaron Morby 8 years ago
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Retirement Homes specialist McCarthy & Stone has raised its land and building spend target over the next four years by a third to £2bn.

The firm said it was stepping up investment to meet strong demand for specialist retirement housing.

Chairman John White said: “We are driving operational improvements within the business in order to grow profitably and generate attractive capital returns.

“I am delighted to announce we are raising our investment target for land and build to £2bn over the next four years in order to respond to the significant nationwide need for high-quality, specialist housing for the growing number of over 65s who are looking to downsize.”

White revealed the board’s ambitious plans as they revealed details of trading over the last 12 months to the end of August.

McCarthy & Stone acquired 74 new sites during the period, equating to 2,500 homes, compared with 48 sites in the previous year.

More deals are planned in the year ahead building on its sites in stock, under build or with planning consent which are sufficient for two year’s completions.

The total land bank of 8,700 plots owned and under control provides the business with over 5 years’ supply of land.

During the year, the retirement builder completed 1,677 homes, 10% up on the year before and at a 16% higher average selling price at £214,000.

This helped to drive up total turnover by 25% to £389m.

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