Berkeley drives ahead 28 new sites as profits skyrocket

Aaron Morby 7 years ago
Share

London house builder Berkeley is driving ahead with its pipeline of sites despite signs of a slowing in the capital’s housing market.

Announcing pre-tax profits had soared 42% to £540m, the house builder said it had bought five new sites and secured 28 new or improved planning consents in the year t0 30 April.

Chairman Tony Pidgley said that all sites with an implementable planning consent were in production, with eight new sites started in the period at Wapping, Chiswick, Maidenhead, Isleworth, Islington, Hornsey, Kingston and Bracknell.

He added that Berkeley’s new joint venture with National Grid was also targeted to deliver over 7,000 new homes from 10 initial sites.

“Berkeley is delivering some 10% of all new homes in London and 10% of the capital’s affordable homes across our 74 sites,” said Pidgley.

But he warned over remaining political uncertainty with the London Mayoral Election and referendum on Britain’s relationship with Europe on the horizon.

“We are acutely aware of the importance to our society of all forms of tenure for new housing and welcome the vision of Government, the Greater London Authority and local councils to increase the number of new homes built.

“Berkeley is a supporter of the UK remaining in Europe as this is the best way for London to remain a world city.  There is no doubt, however, that for business to thrive, we must not be bound by over-regulation, be this from our own government or from Europe.”

Revenue over the year rose a third to £2.12bn, from the sale of 3,355 new homes at an average selling price of £575,000.

Since the year end, Berkeley has also secured a resolution to grant planning at its scheme in White City for over 1,400 homes to be delivered over the next 15 years, and a resolution to grant planning for 839 at St William’s first scheme in Battersea.

Two new sites have been acquired unconditionally during the year, a 15,000 sqft office building in Sevenoaks and a scheme for over 600 homes in Reading in its St Edward joint venture.

Three more were acquired on a conditional basis, including sites in Kingston and Winchester, as well as the second St William site at Rickmansworth.

Berkeley now boasts 74 sites in its land holdings, of which over three quarters have an implementable planning consent and are in construction, a further 10 have at least a resolution to grant planning but the consent is not yet implementable and 7 remain in the planning process.

Latest news

Tide gets green light for UK’s tallest modular tower

Volumetric specialist to build 48-storey student skyscraper at Canary Wharf
1 day ago

TopHat cuts losses and aims for profit in three years

Modular specialist investing for future as latest results show £19.4m loss
5 hours ago

Story Contracting names next chief executive

Andy Joy to be promoted to CEO as Jason Butterwork becomes vice chairman
4 hours ago

Stalled £100m North London build-to-rent tower to start

Essential Living commits to start Swiss Cottage scheme six years after planning OK'd
13 hours ago

Bidding starts for Pagabo £1bn medium works deal

Extra small project lot added in framework renewal
5 hours ago

Vital funding deal for £50m A38 Midlands upgrade

Work could start early next year on A38 BREP now out to tender
5 hours ago

Graham wins £16m National Railway Museum job

Firm seals pre-construction deal as new museum Central Hall gets planning green light
5 hours ago

Demolition starts on half-built £48m Taylor Wimpey flats

Furious local residents blast house builder over "unbearable" noise
3 days ago

Civils contractor fined £600k after boy dies in drainage pipe

Workers find seven-year-old who suffocated on housing site
4 days ago

Plan for trio of towers at old Yorkshire Post site

Galliford Try advises on construction plan for Leeds student and build to rent towers
3 days ago

Insolvency to rival inflation as project cost threat

Inflationary pressures likely to peak this year before easing in 2023, but supply chain stress is growing.
3 days ago

B+K starts £300m Sheffield West Bar scheme

Funding deal triggers start on major mixed-use scheme
3 days ago

Willmott Dixon bags £44m Passivhaus leisure centre

Private builder prepares to start Staines-upon-Thames complex
3 days ago

Go-ahead for £160m Cambridge mixed-use scheme

Devonshire Gardens will consist of 70 private rental flats and 120,000 sq ft of offices
3 days ago

Construction buyers report first drop in output for 18 months

Civil engineering worst performing sector
4 days ago

Construction and infra margins hit 3.2% at Morgan Sindall

Contractor picking deals carefully as inflation continues to bite
4 days ago

Morrisroe Group revenue tops £200m

Pre-tax profit halves to £2.7m as cost inflation bites
4 days ago

Kier to start new £400m ‘smart’ prison this autumn

At least 50 ex-offenders will help build new HMP Full Sutton
5 days ago

Former P&R Morson staff to launch legal claim

Former staff of failed Midlands M&E specialist consult with lawyers following administration
4 days ago

Eight firms win big north west MMC housing deal

JV North consortium plans to build 4,000 homes by 2026
4 days ago

Balfour to replace Ringway Jacobs on £176m Bucks highways deal

Balfour to start new eight-year maintenance contract in 2023
5 days ago

O’Keefe suppliers owed £13m despite Byrne rescue

Unsecured creditors to get less than 2p in the pound for their debts
6 days ago

Taylor Wimpey staff to get £1,000 towards fuel bills

All staff earning below £70,000 will receive a one-off payment
5 days ago

Equans bags Birmingham 300 council homes retrofit pilot

Council homes retrofit trial will test way for ambitious 60,000 homes decarbonisation plan
5 days ago

Van Elle returns to profit after £125m record revenue

Piling contractor restores dividend after work rebound delivers £3.6m profit
5 days ago

Race for places on £2bn housing decarbonising deal

South west central procurement body starts race for places
5 days ago

Kier signs off £36m Liverpool school job

Work to start on new Deyes High School in Maghull
5 days ago

WSP buys property and infra businesses from Capita

Consultant pays £60m for GL Hearn and Capita Real Estate and Infrastructure
6 days ago

Leeds unitised facade contractor crashes

Jobs axed as Glasshus Facades falls into administration
6 days ago

Morgan Sindall wins £61m Abergavenny super school job

Existing King Henry VIII High School will be replaced by a 1,900 place all-through school
6 days ago

Contractor services