News

Developer London Square to double new homes pipeline to £2.6bn ready for post-Brexit bounce

London Square is planning to double the size of its development pipeline to £2.6bn, providing the opportunity to scale up production to 1,000 new homes a year in preparation for a post-Brexit bounce in the property market following the decisive election result.

The award-winning company, which has a track record for tackling complex sites across Greater London delivering a mix of affordable, homes for private sale, community facilities and commercial space, will hit the acquisition trail and expand the current land bank from £1.3bn to £2.6bn worth of assets, representing 4,500 homes in the pipeline. The current output is 500 homes a year.

Adam Lawrence, Chief Executive, London Square, said:

This is great news. At last we have certainty with a majority Government in power. This is a time for great optimism and we anticipate a post-Brexit bounce in the market once the uncertainty of the past three years has lifted. We will now be pushing ahead for significant investment in the land market off the back of this result the next two years, ready for the pent-up demand that will most certainly emerge.

We have maintained the business in a holding pattern since the Referendum in 2016. We aim to expand our land bank and focus on forward sales on our current and future sites, increasing the number of homes we build, in places where people want to live within Greater London.

London Square currently has 1,018 homes in production, forward sales of £180m and a land pipeline of 2,356 homes representing £1.3bn in gross development value. The company obtained a new £200m debt facility last year, securing the mid to long-term future of the company.

London Square celebrates its 10th anniversary in 2020, launching at the height of the recession in 2010 and growing in financial strength and breadth of build to become one of the capital’s most dynamic house builders - succeeding where competitors in the London development market have faltered.

The company has built an outstanding reputation for tackling complex site where others have failed, including the restoration and conversion of Grade II listed The Star and Garter building on Richmond Hill; delivering a mixed use development at London Square Streatham Hill, with new affordable and private sale homes, a community theatre, cafe and shops on a site which had been mired by planning delays for years, and a £200m new neighbourhood on a former industrial site at London Square Bermondsey, which involved a lengthy planning process.

An agile, evolutionary approach has been key to the company’s success so far, driven by a dedicated management team of experienced industry professionals and a staff of around 140 people, who share the staff values of hard work, passion and commitment.

Three brands now operate under the London Square umbrella – London Square Developments, and London Square Partners, working with public sector and housing associations to deliver much-needed affordable homes, with current partnerships including Peabody on the former Holloway Prison site and Vulcan Wharf in East London, and with Clarion Housing Group to deliver 100 per cent affordable on sites in Neasden and the second phase of Staines-upon-Thames. London Square Works isthe new commercial arm, focusing on developing high quality bespoke space for offices, retail and leisure businesses to maximise the potential of every aspect of its mixed-use developments.