Aitch Group has unveiled plans to invest up to €70.5m (£60m) in land acquisitions focusing on London and the Home Counties over the coming 12 months as it eyes growth in the residential, retirement living, student accommodation and mixed-use sectors of the property market.
The new investment comes off the back of acquiring 6 redevelopment sites in 6 months across Greater London. The new land fund will target the acquisition of sites in London and the Home Counties capable of accommodating between 50 to 250 new homes, working both alone as well as through Joint Venture partnerships. Aitch Group will focus its future acquisitions on sites either without planning permission or sites with existing commercial or hotel planning consents offering the potential for a change of use to residential, retirement, student accommodation or mixed-use.
In the residential sector, Aitch Group will look at sites with land values of up to €35.2m (£30m) and within price points between €587 (£500) to €1115 (£950) per square foot. In the Student Accommodation sector, Aitch Group is seeking sites that can provide over 250 student beds.
Stephen Hollyoak, Land Director at Aitch Group, said: “As a business 2021 has proven to be a very busy year for us so far having secured 6 new development sites and successfully built and sold out much of our current development stock ahead of programme. The property market has proven extremely resilient following the pandemic lockdowns and the first six months of this year has seen strong sales results as pent up demand has been released, especially with domestic buyers. We have set aside a further €70.5m to grow our development pipeline across residential, student accommodation, retirement living and mixed-use opportunities.”