Affordable housing developer, Lovell, which is working on the £30 million regeneration of Lynn’s Hillington Square, has helped boost profits of its parent company.
According to results announced today, parent company Morgan Sindall Group’s adjusted operating profit was up 34 per cent to £38.8 million on revenues of £2.38 billion. Regeneration projects in affordable housing saw a 29 per cent revenue increase.
Last year Lovell has been working with housing associations, such as Freebridge Community Housing in Lynn, and local authorities on new affordable housing developments, major housing refurbishment schemes and regeneration programmes across the UK.
Key projects for Lovell in West Norfolk include the Hillington Square regeneration for Freebridge Community Housing. Lovell is due to commence work on the third phase of this large-scale improvement project after successfully completing work on the second phase in autumn 2015.
The third phase work includes the refurbishment of 52 flats, the demolition of three stair cores and walkway links and the creation of two new staircase and lift cores. Lovell will also upgrade utilities and carry out new hard and soft landscaping.
A development management agreement with West Norfolk Council which will see Lovell build up to 600 homes with a potential value of up to £80 million in the Lynn area over the next five years. Lovell is due to start work later this year on 130 homes at Marsh Lane, Gaywood, which are set to form the first tranche of new housing.