- Vistry’s Countryside Partnerships will provide 739 new mixed-tenure homes
- Work on the project is set to start in summer 2025 and be completed by 2030
A Vistry Group subsidiary has been named the ‘preferred developer’ for a £276million development scheme in North London.
The Greater London Authority and the Mayor’s Office for Policing and Crime have selected Countryside Partnerships to provide 739 new mixed-tenure homes and numerous recreation spaces.
Around 60 per cent of the new housing units will be classed as affordable, comprising a mix of fordable rent, social rent and shared ownership properties, while another 144 will be build-for-rent and 168 privately sold homes.
Contract win: One of Vistry Group’s subsidiaries has been named the ‘preferred developer’ for a £276million development scheme in North London
They will be constructed on the sites of the former Hendon Metropolitan Police training centre and driving school in Colindale.
Vistry also said the development would include a new nursery, social enterprise, and a ‘social value programme’ that would ‘reflect the community’s expressed needs and aspirations’, and boost jobs and apprenticeships.
Work on the project is set to begin during the summer of 2025 and is planned for completion by 2030.
Greg Fitzgerald, chief executive of Vistry, said: ‘[The deal] reflects the strength and resilience of our partnerships model, and we look forward to using our track record of successful regeneration and place-making to create much-needed new homes and sustainable communities for the residents of Barnet.’
Vistry’s announcement comes just over a week after the firm declared that full-year performance would surpass prior guidance, while its adjusted pre-tax profits were anticipated to be in line with the previous year’s figure of £418.4million.
The Kent-based group revealed its forward sales position totalled £4.5billion at the end of 2023, a 12.4 per cent year-on-year increase, despite a more subdued housing market.
It noted ‘good levels’ of demand for affordable homes from local authorities, and a recovery in sales for private rental homes during the second half of last year, especially in the fourth quarter.
Vistry said it was optimistic that the recent easing of mortgage rates would help boost demand this year.
An average two-year fixed mortgage rate now stands at 5.59 per cent, while two-year fixes are 5.22 per cent, according to Moneyfacts.
Home borrowing costs gradually rose during 2022 and much of 2023 as the Bank of England began hiking interest rates to try and dampen rising inflation.
Rates were exacerbated by former Prime Minister Liz Truss’s controversial mini-budget, which caused a significant slump in housing sales.
Mortgage costs remain above pre-pandemic levels, but have declined significantly partly due to confidence of future base rate cuts.
Vistry Group shares were 2 per cent higher at 953.5p on Tuesday morning and have grown by around a quarter over the past 12 months.