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TODAY'S OTHER NEWS

New JV set up to acquire £100m of land

Investment and development company Martin’s Properties and housebuilder BlackOnyx have joined forces to launch Obsidian Strategic – a joint venture (JV) designed to acquire £100m worth of land in outer prime areas in and around London.

The new firm will focus primarily on acquiring sites within both Greater London and prime Home Counties, concentrating particularly on complex sites with scale and potential to create added value.

“We are looking to acquire complex sites without planning consent that require lateral thinking and a diverse skill set to unlock maximum value,” said David Ardley, managing director at BlackOnyx.

The JV will be looking at scaleable sites, including both greenfield and town centre regeneration projects, according to Ardley.

“We expect to see lots of interesting opportunities over the next five years, with the planning system under significant pressure and the political landscape uncertain,” he added.  

Obsidian Strategic has been set up with a substantial level of funding and a structure that, according to Tom Martin at Martin’s Properties, enables the JV to be “extremely agile”.

He commented: “We are prepared to take planning and development risk on sites and will be looking at a range of acquisitions outside of Prime Central London in the surrounding areas and the Home Counties where we are already active.”                                                                                                                                               

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