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Sun November 18 2018

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Foreign landlords lift Telford profits

30 May London-focused housing developer Telford Homes has reported 35% growth in pre-tax profits on the back of property sales to Chinese investors.

Chief executive John Di-Stefano
Chief executive John Di-Stefano

For the year ended 31st March 2018, Telfor Homes made profit before tax of £46.0m, up 35% from the previous year’s £34.1m, on revenue of £316.2m (2017: £291.9m).

The developer’s success is on the back of demand from build to rent investors, especially overseas.

As previously reported, Telford Homes is benefiting from strong demand from Chinese investors seeking to buy property to rent out in London.

In January 2018 Telford Homes launched the second phase of its New Garden Quarter in Stratford.  Within three weeks it had taken more than 100 reservations, of which only a quarter were to UK buyers.  The remaining sales were generated in China and Hong Kong.

“We are seeing growing investment from China due to the continued international attraction of London, despite Brexit, and strong rental demand relative to supply,” said chief executive John Di-Stefano.

Telford Homes is also looking forward to starting work on a build to rent development on the south side of the Thames. In June 2017 it signed a pre-construction agreement with the US landlord Greystar to develop just under 900 build to rent homes in Nine Elms, Battersea.  “Having worked closely with Greystar and the London Borough of Wandsworth for a number of months, the detailed scheme is expected to go before the local planning committee in the near future,” John Di-Stefano said. “Soon after receipt of a detailed planning consent we expect to enter a full design and build contract and we will make a further announcement at that time.”

MPU

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