In order to meet the ever-increasing demand in London, Telford is speeding up the rate of construction of its residential schemes totalling over 1,000 flats.
After the successful outcome of its Stratford Plaza development – all 198 flats being sold, the firm has bought a further two sites in Stratford.
On one of the sites two residential buildings, known as Broadway Chambers, will be built, which already have a planning approval for 342 apartments across the two buildings, the tallest one with 36 storeys.
The second Stratford site is on Angel Lane and is part of Westfield’s redevelopment scheme of the area. It is estimated to provide 181 homes subject to planning consent.
Telford has revealed about its two other purchased sites for 180 homes on Limeharbour, Isle of Dogs and 158 homes on Caledonian Road, near Kings Cross that require to be approved by Planning Commission.
The building firm announced its interim financial results for the period of April to September 2013. A total sum of profits before tax amounted to £7.7 million, an increase of from last year’s profits of £6.5 million,
Jon Di-Stefano, chief executive, commented: “During the period Telford Homes has achieved an impressive rate of sales and has secured significantly higher profit margins, resulting in growth that has been ahead of market expectations.
“The market in inner London remains buoyant and exceptional demand has been experienced at many of the group’s developments.”
The firm is currently 100 per cent sold for the entire year until March 31st 2014, over 80 per cent sold for 2015 and over 60 per cent sold for 2016.