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Wed June 23 2021

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Barratt steps up London presence with more JVs

24 Jul 13 House-builder Barratt has formed two separate joint ventures to expand its presence in London.

Aldgate Place, being developed in JV with British Land
Aldgate Place, being developed in JV with British Land

Between them, the new JVs plan 1,100 new homes for the capital, with a combined gross development value (GDV) of £675m.

The GDV of all Barratt’s JVs in London now tops £2bn.

Barratt said that it was now targeting 2,000 completions per year from its London business in the medium term.

In their first major partnership, Barratt London and British Land have together secured planning permission for 463 homes, a 160-room hotel, retail and office space at Aldgate Place on the edge of the City.  The development, next to the Barratt London Alie Street site, will include three towers of more than 20 storeys as well as public open space and a pedestrian street.

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The Aldgate Place scheme, designed by Allies &Morrison, will have a GDV of around £250m and work is scheduled to start early in 2014.

Barratt London also has a new JV with L&Q to develop the Sainsbury's site at Nine Elms on the south side of the Thames. The site has a GDV of £425m with detailed planning permission for 645 homes, a new Sainsbury's supermarket and  27,000 sq. ft. of retail and office space.  This is the fourth JV between Barratt London and L&Q.

Group chief executive Mark Clare said:  "Our Barratt London business is expanding fast and we are now working on £2bn of new developments with four JV partners - British Land, L&Q, Morgan Stanley Real Estate Investing and Metropolitan Housing. We are planning to deliver 2,000 new homes a year in London and our technical capability to deliver complex schemes in the capital is providing us with a competitive edge in securing new business."

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