Site of 93 acres located ot the east of Stevenage
Redrow has snapped up a 93-acre site in Hertfordshire with outline consent for more than 600 homes.
The land, which has a GDV of £275m, is located to the east of Stevenage off Gresley Way.
The acquisition takes the number of live or forthcoming Redrow sites in its eastern division covering Essex, Hertfordshire and Suffolk to 10.
The firm said it will build a mix of family homes and apartments, with 40% of the site’s 618 planned homes being affordable.
A detailed planning application for the first phase of development is being worked up with its submission to East Hertfordshire District Council expected in early Autumn 2021.
Tom Fraser, a member of the Savills development team which acted as agent for the acquisition, said there was still a strong appetite in the East of England for low-density housing with big gardens because of the pandemic.
In an end-of-year trading update earlier this month, Redrow said its operating margin for the year to 27 June would be above 15.5% – markedly up from the 11.1% last year when the covid-19 pandemic hit the firm’s numbers – with turnover up to around £1.94bn from £1.34bn.
It means the housebuilder is now heading back towards pre-pandemic levels of margin and turnover when its 2019 figures were 19.5% and £2.11bn respectively.
The firm will release its final results in September.