City Living Developments the residential-led regeneration and healthcare property specialist has announced a major expansion which will create at least 200 jobs.
The London-based company plans to open a factory manufacturing modular building systems for the residential and hotel sectors and it is also to step up its hotel development program.
City Living Developments chairman Garry Coaley said: "We are currently exploring factory locations in South Wales and East Anglia and plan to source as many of our materials as we can from the UK.
"Modular building is becoming increasingly popular. Off-site quality controlled factory manufacture offers considerable cost savings and ensures a consistent and high quality finished product, whilst reducing on site times up to 40%. It means that we can speed up construction times. We can now become much competitive by lowering the base price of units for hotel operators or home buyers, but maintain our margins and minimize exchange rate risk in a much tougher financial climate."
City Living is currently developing three hotels two in Norwich and one in Ipswich in the East of England but Coaley said the company was planning a much bigger push into the hotel sector.
Coaley added: "We are also planning a premium brand leisure resort in Norfolk which will consist of a 150-bedroom luxury hotel with spa facilities and a golf course."
He said the company is also in final negotiations with an international hotel chain to develop five hotels per year.
City Living Developments, which has been working very closely with Norwich City Council, has just started on site on a £120m mixed-use scheme consisting of 400 apartments and town houses, two hotels and extensive retail and leisure facilities at St. Anne's Wharf in central Norwich. The scheme includes a new £2m steel swing bridge across the River Wensum.
Source: Brown Lloyd James Financial