Barratt has announced an expansion of its London business with confirmation that two further joint ventures (‘JVs’) would bring the gross development value (‘GDV’) of the Group’s JVs in the capital to over £2billion.
The two new JVs taken together would bring a total of c.1,100 much needed new homes for London and Barratt confirmed that it was now targeting 2,000 completions per year from its London business in the medium term.
In their first major partnership, British Land and Barratt London have secured planning permission for 463 homes, a 160 room hotel, retail and office space at Aldgate Place on the edge of the City. The development, which is adjacent to the Barratt London Alie Street site, will include three towers of over 20 storeys as well as public open space and a pedestrian street. It will have a GDV of around £250million and work is scheduled to start early in 2014.
Barratt London has also confirmed that it is progressing a further JV with L&Q, to develop the Sainsbury’s site at Nine Elms. The site has GDV of £425million with a detailed planning permission for 645 homes, a new Sainsbury’s store and c. 27,000 sq. ft. of retail and office space. This will be the Group’s fourth JV in London with L&Q.
When speaking at the Company’s analyst briefing on its London business Mark Clare, Group Chief Executive, will say:
“Our Barratt London business is expanding fast and we are now working on £2billion of new developments with four JV partners – British Land, L&Q, Morgan Stanley Real Estate Investing and Metropolitan Housing. We are planning to deliver 2,000 new homes a year in London and our technical capability to deliver complex schemes in the capital is providing us with a competitive edge in securing new business.”