Residential land specialist Charlbury Group has brought on two property entrepreneurs in a company relaunch to target planning and permitted development opportunities in London and the South East.
The company has appointed Essential Living founder Darryl Flay and Steven Morrice, founder of Marwood Property and former director of McKay Securities, as advisory partners.
Charlbury Group was set up by Richard Barth in May 2019, following on from the Surrey-based luxury residential sales business Charlbury Homes, which Barth launched in 2013.
Last year, Barth partnered with Raymond Bloomfield to form Charlbury Group Asset Management; however, no deals were completed and the company was dissolved.
Bloomfield is well known in the industry. He launched a number of companies, including Rayfield Estates and Grosvenor Square Properties, and helped Martin Skinner set up Inspired, using permitted development rights to convert offices to residential.
Barth then brought on finance specialists and Equinox Living co-founders Darius Ziatabari and Steffen Priller last year to start a new company to capitalise on new London opportunities. Equinox also specialised in PD schemes, via joint ventures with Inspired at Witham and Luton, both of which have been moved to Charlbury’s portfolio.
Charlbury has since added two large London sites to the portfolio – a former industrial estate in Acton, earmarked for 200 build-to-rent flats, and a 14-storey office block that it plans to redevelop into 600 flats in Woolwich.
The group plans to expand through a focus on unconditional sites for residential-led mixed-use schemes through the planning system and permitted development. It aims to work in joint ventures with housebuilders and investors, deploying its own private finance and retaining some rental and commercial assets.
The relaunch follows recent landmark planning reform, with the extension of permitted development rights to all full demolition and redevelopment of any vacant commercial building. Further measures including zoning have been proposed in the planning white paper to speed up and enable more residential development.
Ziatabari said: “The slowdown in construction over recent months will only serve to widen the gap between the supply of new homes and demand, helping underpin values.”
Flay added: “The London property market is in a state of flux, with retail in sharp decline, work and lifestyle changes as a result of the pandemic, and Brexit around the corner. Yet significant change always brings about new opportunities.”
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