South east developer Weston Homes has secured vital funding for a major expansion drive in the south east.
The deal with three banks extends its facilities to £200m allowing Weston to deliver a four-year plan to transform into a volume house builder focused on outer London and the Home Counties.
Bob Weston, Chairman & Founder of Weston Homes said: “This investment provides substantial funds for further site acquisitions and new developments.
“As we evolve as a volume house builder our strategy is to focus on outer London and the Home Counties and avoid overpriced sites in the heart of London.
“There remains a huge demand and undersupply of value-for-money starter and family homes across Southern England and so this is where we focus our product and sales.”
The firm, which operates from offices in Marylebone and Stansted, has raised staff levels from 210 to 380.
In the last financial year, Weston achieved a record number of sales reservations at 845 homes, up 15% on the previous year, and a record number of completions also up 15% at 617 homes.
Its development pipeline stands at 2,300 homes, focused on homes priced below £1,000 per sq ft, selling starter and family homes, typically one and two bedroom flats and three to five bedroom family houses, priced from £140,000 up to £1m for UK buyers.
Projects include Denham Film Studios, Fish Island in Hackney Wick, Precision in Greenwich and Preston Hall in Aylesford.
Established in 1987, Weston Homes undertakes new build, conversion and mixed-use projects on brownfield-land sites.
The firm’s operating area covers outer London and the surrounding commuter region including locations such as Cambridge, Chelmsford, Buckingham, Peterborough, Southend-on-Sea and Dartford.
Via Construction Enquirer. Read the original article here.