Property firm to develop three London commuter towns in deal worth £265m
A home counties property developer has acquired three London commuter sites with a gross development value (GDV) of £265m.
Galliard Homes’ new sites are located in Redbridge, Ipswich and Milton Keynes.
The first site is located on Midsummer Boulevard in Milton Keynes, where Galliard has acquired ‘The Point’, a former entertainment complex. Working with joint venture partner DS Real Estate, Galliard is looking to bring new homes as well as ground-floor commercial units or leisure amenities to the site, with a potential GDV of up to £150m.
The deal was completed in October 2021, with a planning application due to be submitted later this year.
The second site sits on Redbridge Lane East in Ilford, where Galliard has acquired the site of a former hotel and restaurant, with potential plans for a mixed-use development of new homes and ground-floor retail space, with a GDV of £65m.
The deal was completed in November 2021, with a planning application due to be submitted later this year.
The third site is on Grafton Way in Ipswich, with existing planning consent for 173 houses, alongside two commercial units, communal gardens and extensive public landscaping, with the total site extending 3.11-hectares.
The residential-led scheme has a GDV of £50m and overlooks the River Orwell, with the new homes set to play an integral part in the wider regeneration of Ipswich town centre.
The deal was completed in December 2021, with works due to start later this year. With all three sites being recent acquisitions, Galliard is working with all parties involved to draw up detailed designs.
David Galman, sales director at Galliard Homes says: “The last year was very successful for Galliard, we sold out at several key schemes across London and the South West, and we were able to help buyers find their dream homes despite the challenges facing the market.
“We had a fantastic response to our Stamp Duty extension and we have seen how many buyers have benefitted from this extra money in their pocket.”
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