Lovell delivered 480 West Midlands homes in 2023
Housing developer Lovell delivered 480 homes across the West Midlands last year.
Affordable homes made up 39 per cent of the total in a challenging economic climate.
While there was a slowdown in the sale of private homes on mixed-tenure sites, due to the cost-of-living crisis and rising mortgage rates, revenue across Lovell Partnerships was up by 20 per cent in the year to £838 million, with an operating profit of £30.5m alongside a return on capital employed of 12 per cent.
Lovell is delivering the regeneration of The Junction at Oldbury which is due to be completed this year.
The Junction is part of Lovell Partnerships’ ongoing relationship with the West Midlands Combined Authority. A former industrial site that was disused for more than 20 years has been transformed, through an investment of £3.95m from the West Midlands Combined Authority’s Brownfield Land Fund. Space has been cleared to create 234 new homes.
Stuart Penn, regional managing director at Lovell, said: “We have had another successful year, delivering some fantastic projects right across our region. We have continued to benefit from our partnership-focussed model, working closely with our local authority and housing association partners.
“Despite market headwinds, we have worked to progress key projects in 2023. Wild Walk is a model of successful multi-generational, mixed-tenure, energy-efficient living, while we are completing a comprehensive refurbishment of a 19 storey block of flats alongside Sandwell Council at Darley House. This scheme also includes a new, sustainable heating system across the wider estate.
“Looking further into 2024, we have a number of transformational projects underway and I look forward to seeing the ongoing impact of the regeneration taking place at The Junction in Oldbury.”
Lovell is working on a number of key projects in Shropshire, including its Wild Walk project. Delivered in partnership with Telford and Wrekin Council, Nuplace and Wrekin Housing Group, this innovative development features a range of tenures to help address housing need in the local area.
Work is also underway at the former New College Site in Telford, which is bringing forward the delivery of 86 homes for older people and 20 build to rent homes for Nuplace – a wholly owned company of Telford and Wrekin Council.
2024 will see the completion of The Junction in Oldbury as part of Lovell Partnerships’ ongoing relationship with the West Midlands Combined Authority. Transformed from a former industrial site that was disused for more than 20 years, through an investment of £3.95m from the West Midlands Combined Authority’s Brownfield Land Fund, the space has been cleared to create 234 new homes.
The Lovell results significantly bolstered the overall results of parent company, Morgan Sindall Group.
It was a record year for the group with revenue increasing by 14 per cent to over £4.1 billionn, while adjusted operating profit before tax was up six per cent to £144.6m.
