L&Q unveils £15bn building plan after mega-merger

Aaron Morby 6 years ago
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L&Q and East Thames housing associations have completed their mega-merger and sealed a £2.6bn financing package to fund an ambitious house building plan.

Barking Riverside indicative masterplan, subject to change

L&Q has pledged to up construction rates at Barking Riverside to 600 homes a year

The newly-merged housing association has unveiled plans to invest £15bn over the next 10 years on a massive building programme in the south east.

Previously both organisations had a combined 43,000 development pipeline. After the merger this will more than double to 100,000 new homes, with half being genuinely affordable to people on average and lower incomes.

Both L&Q and East Thames already have a strong presence and track record in the South East. 

Both see East London and Essex as strong growth areas in the future. Current long-term sizeable projects include Barking Riverside, Purfleet, Beaulieu, Weavers Quarter and the Ocean Estate.

David Montague, group chief executive, said: “The current Government talks about increasing housing of all tenures, not just home-ownership, and is focussed on long-term targets that stretch beyond the next election.

“With long-term planning we can make long-term commitments, and we share the Government’s determination and ambition to deliver a step change in housing.

“We have the ambition and the capacity to build quality homes, fit for the future, across multiple tenures at a greater scale than ever before.”

Since the intention to merge was announced back in April, a partnership also has been established with Greater Manchester-based Trafford Housing Trust.

Further geographical expansion will be pursued where appropriate as the new merged entity looks to develop more partnerships.

The merged entity is a significant and active operator in the land market, with £800m invested in 103 sites and a pipeline which trebled in the last year to 43,370 units.

The combined organisation owns and manages over 90,000 homes across the UK, worth £22bn.

 

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