Urban&Civic has reported an increase in net asset value of 9.6% in its annual results for the year to 30 September.
The developer’s EPRA NAV rose to £527.5m, with EPRA NAV per share up 8.6% to 360.3p.
The growth marks five years of consistent NAV rises.
The £46.3m uplift was largely due to Urban&Civic securing planning consent for 6,500 homes at Waterbeach near Cambridge. This added £24.6m to the valuation.
The developer has interests in a total of 32,000 consented or allocated plots, with an additional 19,000 in the pipeline. This is consistent with the levels a year ago.
Urban&Civic reported pretax profit declines of 27% to £16.3m. It said 2019 plot sales were 5% ahead of last year’s forecast, with revenue up 3%,
Chief executive Nigel Hugill said: “The debate over large sites is over. Urban&Civic is now consistently outperforming static land markets as master developer of new prime environments in which housebuilders want to build and homeowners want to live.
“Government policies are providing enough land supply for new market homes across most of the country but not South East England, where the company enjoys actual platform advantage.”
Hugill said a “return to stable politics” would help accelerate the projects and drive maturing profiles.
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