Yorkshire Water’s development arm is to preparing enter the open market in a bid to double its residential pipeline to 12,000 homes.
Keyland Developments, which at present works only on sites fed through from Yorkshire Water’s circa 70,000-acre land bank – has opened negotiations to partner on several large out-of-town sites in the North.
The firm also wants to double its 6m sq ft pipeline of commercial space through the partnership.
The move has been sparked by strengthening demand for Yorkshire development land, and the chance to capitalise as local authorities draw up their core housing strategies.
Keyland expects the new venture – which will sit within the existing corporate structure – to focus on the North and Midlands.
In most instances, the firm will form joint ventures with landowners, working with them to draw up schemes, unlock sites and gain consent before selling on to third-party developers.
Managing director Peter Garrett said the operation was “not a threat” to developers already operating in the regions, but would instead complement house builders that scrapped their strategic land teams during the recession and no longer retain the skills to convert raw sites into viable large-scale proposals.
Garrett said: “We would not have done this a few years ago, certainly during the depths of the recession. If we had just downed tools, as some other people did [at the onset of the recession], and waited for things to get better we would not be in the favoured position that we are now.”
Keyland’s existing pipeline on Yorkshire Water land stands at 6,000 homes as well as its 6m sq ft of commercial developments.
