Developer Aitch Group has unveiled plans to invest up to £60 million in land acquisitions focusing on London and the Home Counties.
The new investment comes off the back of acquiring 6 redevelopment sites in 6 months across Greater London. Over the next 12 months, the new land fund will target the acquisition of sites in London and the Home Counties that that can be developed either alone or through Joint Venture partnerships.
The acquisitions will be focused on sites either without planning permission or sites with existing commercial or hotel planning consents with a potential for a change of use to residential, retirement, student accommodation or mixed use.
In the residential sector, the developer will look at sites with land values of up to £30 million and within price points between £500 to £950 per square foot. In the Student Accommodation sector Aitch Group is seeking sites that can provide over 250 student beds.
The new fund is set up after a string of construction and sales success for the business over the last 12 months. The group has successful completed construction on five major developments since 2020 and in the first three months of 2021 two flagship residential schemes, Eagle Wharf Roadand Canal Place, sold out for a combined £50 million of sales. In addition, over 50 per cent of the warehouse apartments in their canal-side development Empress Works were snapped up in just eight weeks.
Stephen Hollyoak, Land Director at Aitch Group, commented: “As a business 2021 has proven to be a very busy year for us so far having secured 6 new development sites and successfully built and sold out much of our current development stock ahead of programme. The property market has proven extremely resilient following the pandemic lockdowns and the first six months of this year has seen strong sales results as pent up demand has been released, especially with domestic buyers. We have set aside a further £60 million to grow our development pipeline across residential, student accommodation, retirement living and mixed use opportunities.”
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