Ares-backed developer London Square has shrugged off market instability and invested another £243.7m into new development projects, in a bid to ramp up its output to 1,000 units a year.
The last financial year was “difficult to navigate”, said the firm in its latest set of full-year accounts, “but the rationale supporting a sustainable market remains”.
Investment activity was boosted by 19%, with four new site acquisitions adding 908 units to the pipeline and taking the total number of sites bought over the last seven years to an impressive 29. At the end of March, the firm’s land bank stood at 3,057 (up 38% from 2,214 in 2016), with a combined value of £1.9bn. The forward sales order book was up 14% on the year before.
The accounts show the flagship £200m restoration scheme on Richmond Hill – the PDP-designed Star & Garter – is now 70% sold, with schemes in Isleworth, Spitalfields and Canada Water also doing well.