Build to rent boom sees profits surge at Telford Homes

Grant Prior 7 years ago

A focus on the growing build to rent sector has seen profits power ahead at London focused developer Telford Homes.

Chief executive Jon Di-Stefano is looking to boost activity in the build to rent sector
Chief executive Jon Di-Stefano is looking to boost activity in the build to rent sector

Pre-tax profits hit £34.1m for the year to March 31 2017 from £32.2m last time as turnover grew to £291.9m from £245.6m.

Institutional build to rent investors now account for 77% of Telford’s sales with the balance made up of 20% individual investors and just 3% owner occupiers.

The firm currently has a development pipeline of £1.5bn with recent acquisitions including a £95m scheme planned for the former London Electricity Board  building on Cambridge Heath Road, E2 and Stone Studios in Hackney Wick.

The firm said: “We are actively looking into establishing longer term relationships with build to rent investors. 

“We anticipate that this type of partnership will enable Telford Homes to buy land with a secured build to rent sale already in place subject to any planning requirements.  

“This will bring focus to our acquisition of build to rent opportunities allowing us to move swiftly to secure sites and to take advantage of an increased desire for purpose built rental homes from local councils and the Mayor of London.”

Telford is also adopting more modern methods of construction including off-site manufacture of brick cladding at its Manhattan Plaza development and the use of a lightweight metal frame structure at The Pavilions.

Chief executive Jon Di-Stefano said: “Since the start of 2016 we have swiftly established Telford Homes at the forefront of the London build to rent sector with over £230 million of combined contract value secured to date.  

“Build to rent is a strategic focus for the Group and we expect to further increase our activity in the coming months.”

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