Partnership housing developer Lovell, which is delivering a number of major housing projects in Lynn, has contributed to a hike in operating profit for its parent company.
Construction and regeneration group Morgan Sindall Group plc last week released its preliminary results for the year ending in December which showed that its adjusted operating profit was up 26 per cent to £48.8 million on revenues of £2,562 million, which rose seven per cent on the previous year.
The group finished the year with a significantly improved net cash position of £209 million and its order book was also up 29 per cent to £3.6 billion.
Nationally, Lovell delivered over 2,000 new-build homes in 2016 across a range of tenures creating homes for open market sale and for rent. Through long-term partnerships with housing associations and local authority partners, the company undertakes new housing developments for both open market and rental accommodation, major home refurbishment schemes and large scale housing renewal programmes. Key projects for Lovell in Lynn and the wider region include a partnership with West Norfolk Council, which will see Lovell build up to 600 homes with a potential value of up to £80 million in Lynn area by 2020.
Lovell has just started building Orchard Place, a development of 130 homes – 110 for open market sale and 20 affordable properties – at Marsh Lane, Gaywood, which make up the first tranche of new housing.
Lovell has signed a development management agreement with the council through which it will design, promote and sell the new housing on the council’s behalf. Lovell will also build the new homes.
The company continues to work on a £30 million regeneration programme at Hillington Square in Lynn for Freebridge Community Housing. It has just started the fourth phase of this large-scale redevelopment of the 1960s-built estate having successfully completed the third phase.
Lovell managing director Jonathan Goring said: “There is now agreement across the political spectrum that we need more housing in the UK. We expect much of these new homes to be developed through the use of public sector land as a way of increasing supply. Our experience of delivering in partnership with the public sector means we have a solid base for growth over the coming years.”