Partnership housing developer Lovell contributes to Morgan Sindall Group’s results.
Half year results released by construction and regeneration group Morgan Sindall show a 37% increase in profits in the first half of the year. Operating profit for the period was £24.9m with a revenue of £1,307m. The Group reports an order book of £3,801m.
Lovell’s national forward order book, including its regeneration and development pipeline, exceeds £1.2 billion thanks to new contracts with housing association partners and land-led developments creating both open market and affordable homes. The company expects to complete over 2,000 homes in England, Scotland and Wales during 2017.
Amongst the company’s key projects is The Mill, Canton – a £100 million new urban village in West Cardiff at the former Arjo Wiggins paper mill site. One of Wales’ biggest regeneration programmes, The Mill is creating 800 homes: 358 homes for open market sale by Lovell and 442 homes for rent which will be managed by Cadwyn Housing Association for the Tirion Group.
Lovell managing director Jonathan Goring said: “2017 has started well for Lovell with the company set to complete over 2,000 homes across the UK this year. Our combined national forward order book and regeneration and development pipeline is now worth over £1.2 billion as we continue to benefit from our solid relationships with housing associations and local authorities partners, providing services ranging from design and build contracting and mixed tenure development with open market sale and planned maintenance services.”
Other major projects across the UK include a £398 million regeneration programme for three Woolwich council estates, in partnership with the Royal Borough of Greenwich and PA Housing; a £53 million 220-home development at Clayton-le-Woods, Chorley, Lancashire; and £19.9 million development, Orchard Place, in King’s Lynn. The 130 homes – 120 for sale and 10 affordable homes – are the first to be built through Lovell’s large-scale development partnership with the Borough Council of King’s Lynn and West Norfolk.