Mount Anvil ramps up London homes pipeline to 4,125 flats

Aaron Morby 6 years ago
Share

Central London property developer and contractor Mount Anvil has significantly expanded its new homes pipeline.

A series of strategic joint venture development deals has seen the business build a 4,125 pipeline of homes and 166,000 sq ft commercial space, valued at around £3.2bn (2016:£560m).

Mount Anvil said it had adopted a cautious approach in recent years to buying land through competitive bid processes in the over-heated London market, preferring to build long-term relationships with existing and potential partners

It said this long-term approach was now paying off and saw it exchanging contracts last year on three central London schemes with a combined capacity to deliver over 1,200 new homes.

So far in 2018, the development arm has stepped up its pipeline exchanging further contracts on 2,000 homes with a further 1,000 units at an advanced development stage of the legal process.

Its next build out scheme will be Royal Docks West, a 19 storey block next to Customs House Crossrail station in East London.

Meanwhile, a sharp rise in average home prices at existing schemes in 2017 to over £1m a home lifted group profit by 60% to nearly £12m from revenue of £225m.

The building contracting arm of central London developer Mount Anvil saw revenue rise 50% last year to £147m as several major schemes moved to full construction.

But pre-tax profits at the arm slid from £1.8m previously to just £300,000 last year.

Despite lower returns from construction, sales director Jon Hall said: “We are delighted with the success of our approach, which is focussed on maximising long-term profit, minimising risk and delivering a positive legacy.”

The strong financial performance of its schemes left closing net cash of £32m, after repayment of £25m of group debt, achieving the milestone of leaving Mount Anvil debt-free at 2017 year-end.

Latest news

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
47 mins ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
21 mins ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
26 mins ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
16 mins ago

National Grid raises £7bn for big infrastructure upgrade

Rights issue to fund a major round of capital investment in energy infrastructure
5 mins ago

Grenfell police probe to last at least until end of 2025

19 companies and 58 individuals could eventually face charges
10 hours ago

Mace confirmed on £100m London office retrofit

Work underway on Helical's 100 New Bridge Street job near Ludgate Circus
21 hours ago

Wylfa chosen for next big nuclear power station build

Government names Anglesey site for a large-scale gigawatt nuclear power plant.
24 hours ago

Bowmer & Kirkland trading profit halves

Contractor buys HVAC specialist Adcock despite challenging market
1 day ago

Piling specialist Van Elle plans further job cuts

Piling specialist plans further cost savings in face of lower demand
1 day ago

Civils contractor A Catlow files administration notice

High voltage cable specialist lodges court notice
1 day ago

Green light for ARC Oxford lab campus

Work to start later this year on £40m Ascent building job
1 day ago

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
2 days ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
2 days ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
2 days ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
2 days ago

Surgo Construction went down owing £4.5m

Biggest creditor is Bellway Homes after dispute on housing job
2 days ago

Vistry seals £157m West London housing deal

Around 575 homes to be built at Merrick Place scheme in Ealing
2 days ago

Streamlined Watkin Jones returns to profit in first half

Multi-room specialist sees secured work pipeline hit £1.4bn
2 days ago

Bellway hires ex-brickie as group construction chief

James Griffin to oversee move to the Future Homes Standard and timber frame.
2 days ago

Persimmon under fire for delays to £10m relief road

West Suffolk Council serves Breach of Condition Notices after timetable slips again
2 days ago

BAM wins £33m Kent secondary school job

Replacement Swanley academy to be built at live school site
2 days ago

Aluminium cladding specialist collapses

Melton Mowbray-based firm worked for several main contractors
3 days ago

Brickwork contractor Lee Marley returns to profit

Affordable and rental homes demand lifts brickwork contractor
3 days ago

Housing contractor Durkan suffers second year of losses

More fire safety provisions tip firm into £3.9m loss
3 days ago

Farrans makes breakthrough on tricky tunnel job

Tunnel under Tees latest part of new £155m water pipeline job
3 days ago

Heidelberg buys aggregates and earthworks specialist B&A

Latest deal follows acquisition of Mick George
3 days ago

Flagship biodiversity net gain scheme flawed

NAO warns Government's flagship green development scheme at risk of failure
6 days ago

Plan in for £3bn Lincolnshire mega data centre

3.3m sq ft Humber Tech Park will be one of Europe's largest data centres
6 days ago

Green light for Digbeth 1,300 homes scheme

Warner’s Fields scheme to start with excavation and landscaping of the River Rea
6 days ago

Contractor services