Wavensmere Homes is seeking to invest £50m to acquire brownfield development opportunities in excess of three acres within city centres and towns across the Midlands.
The Birmingham-headquartered firm, which currently has 3,500 homes in development or planning, is gearing up to deliver 1,000 new homes per annum, in order to double turnover to £250m.
The privately owned housebuilder and its SPVs are on track to achieve a £115m turnover during 2024. Construction is anticipated to begin on five developments this year, which have a combined GDV of £350m.
Wavensmere is seeking sites in the East and West Midlands, including Wolverhampton, Smethwick, Walsall, Dudley, Leicester and Nottingham.
James Dickens, managing director of Wavensmere Homes, said: “Land assembly, planning and pre-construction work can take several years. The new administration in No.10 has big ambitions to speed up the process, which we welcome and support, but changes will take time to implement at a local level.
“We couldn’t be prouder of our pipeline of major residential-led sites but we need to acquire more development land before this year is out.
“The area we have intrinsic knowledge of is the East and West Midlands. We would love to do more in Wolverhampton and across the Black Country, as we firmly believe the Birmingham ripple effect should be accelerating the regeneration of well-connected locations, such as Smethwick, Walsall and Dudley.”
He added: “In the East Midlands, we are keen to acquire our first sites in Leicester and Nottingham, as well as build upon our reputation in Derby. Complex, dirty land with historic assets is our sweet spot. We are keen to hear from landowners and agents with new opportunities.”
Image from Wavensmere Homes
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