Commercial Finance
Telford Homes reports record revenue driven by build to rent
London focused residential property developer Telford Homes has reported record revenue for the year to 31 March, as it secured a deal to deliver 150 homes in the capital.
In its financial results to the end of March, the housebuilder reported revenue of £245.6m, an increase of 42% from the £173.5m recorded in the previous year.
Pre-tax profit for the year increased by 28% to £32.2m, up from £25.1m in the year to the end of March 2015.
Part of the company’s success this year can be attributed to private rented scheme developments in London. Last week it sold a 150-home and commercial space development in Carmen Street, in the Tower Hamlets area of east London to fund manager M&G Real Estate for £63m.
Jon Di-Stefano, chief executive of Telford Homes, said: “Forward funded PRS (private rented sector) transactions offer strong returns and we are very pleased to have swiftly secured our second sale in the sector just a few months after the first. “
In February Telford sold 156-unit development The Pavilions in north London to housing association L&Q for £67m.
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