Investment case

Our land portfolio is in the South and South East of England where there is sustained demand for additional housing that exceeds available supply. This land bank is principally brownfield and includes sites both with and without planning permission, plus strategic sites which are usually held as discount to market value options and, therefore, require only a limited amount of capital. The gross development value of our entire land bank is £3.0bn. It comprises 10,055 plots, of which 3,689 have planning consent and 2,934 where planning applications have been submitted.

The flexibility in our business model allows us to adapt our activity to suit market conditions and business needs. It includes the strategic disposal of consented land, as well as the construction and forward sales of private homes and partnership housing. Demand for our asset management services, a capital-light activity, continues to grow quickly. Our brownfield sites and portfolio of rental properties also provide a steady stream of rental income.

Our versatility, local insight and community-centred approach give us a competitive edge in identifying and securing viable and attractive land opportunities. Our highly experienced management and specialist development teams maximise each project’s potential. Our success is driving demand for our asset management services, whereby we provide our land and planning expertise to third-party investors.

We have self-built the majority of our homes since 2016, giving us greater control over quality and costs. Our ambitious, high-quality and affordably priced developments are in high demand from first-time buyers and private investors. There is strong demand from housing associations and Build to Rent operators for our partnership housing offer, where we provide both the land and construction of the homes. With our proven credentials, we are well positioned to maximise market opportunities.

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We have extensive site remediation experience, including on sites with challenging and complex environmental issues. We add further long-term value through our infrastructure and social investment in the communities where we operate. We are building on this track record, developing a business-wide Environmental, Social and Governance (ESG) strategy that will embed our ESG principles within every area of the business and support us on our journey to carbon net zero.