Mount Anvil has been busy expanding its pipeline in the first five months of this year, adding 3,250 units with a development value of £1.25bn to take the the total up to 4,125 new homes.
Releasing its latest set of annual results, the developer reported profits of £55m from a turnover of £251m in the 12 months ending December 31st 2016, down from £66m and £297m respectively in 2015.
£43m of this year’s profits went to joint-venture partners, and the aim is to generate a further £260m in partner profit over the next five years. Projects are planned with a whole range of firms including L&Q, Peabody Group, Hyde Group and Sainsbury’s.
Repeat JVs have been ongoing with housing associations including A2Dominion, One Housing and Clarion Housing – who reinvest the majority of their profit share back into affordable housing – along with Ares Management, who completed their 18th deal with Mount Anvil in 2016.
According to the statement, 89% of the 2017’s sales target has already been secured and the team is projecting full-year turnover of £340m. The average selling price in 2016 was £877,000 (2015: £867,000).