Galliard has purchased three major London commuter sites, which together have a combined GDV (gross development value) of approximately £265 million, to turn them into new residential schemes.
The developments, situated in Redbridge, Ipswich and Milton Keynes, are each set to play a crucial role in the regeneration of their local area.
Galliard’s latest expansion follows a successful 2021 for the company, which saw a number of key sites fully sold out despite market challenges.
The firm successfully sold out schemes with a combined GDV of more than £810 million last year.
Where are the developments?
The first new site is located on Midsummer Boulevard in Milton Keynes, where Galliard has acquired ‘The Point’, a former entertainment complex.
Together with joint venture partner DS Real Estate, the developer is looking at bringing new homes as well as ground-floor commercial units or leisure amenities to the site. This will be alongside ‘significant’ public realm, with a potential GDV of up to £150 million.
Galliard says the Midsummer Boulevard site is well-located for enjoying Milton Keynes’ extensive shopping and leisure facilities, as well as its fast transport links into London and Birmingham. The deal was completed in October last year, with a planning application due to be submitted later in 2022.
Meanwhile, the second site sits on Redbridge Lane East in Ilford, where Galliard acquired the site of a former hotel and restaurant. There are potential plans for a mixed-use development of new homes and ground-floor retail space, with a GDV of £65 million.
The site sits directly opposite Redbridge underground station, thus offering ‘fantastic connectivity’ across London. The deal was completed in November 2021, with a planning application due to be submitted later this year.
Lastly, the third site is on Grafton Way in Ipswich, with existing planning consent for 173 houses, as well as two commercial units, communal gardens and extensive public landscaping, with the total site extending 3.11-hectares.
Overlooking the River Orwell, the residential-led scheme has a GDV of £50 million, with the new homes set to play an ‘integral part’ in the wider regeneration of Ipswich town centre. The deal was completed in December 2021, with works due to start later this year.
With all three sites being recent acquisitions, Galliard insists it is working closely with all parties involved to draw up detailed designs
In 2021, Galliard’s successfully sold out schemes included Harbour Central in Docklands; Church Road in Leyton; City Park Gardens in Southall; Papermill House in Romford; Newham’s Yard in Southwark; St Edwards Court in Romford; and Hope House in Bath.
The firm also launched an increase and extension to the government’s stamp duty holiday, which ‘proved extremely popular with first-time buyers, families and investors all benefitting from the extra savings’.
Simon Welch, head of land and affordable homes at Galliard Homes, commented: “We are delighted to have secured three key sites for residential development in Redbridge, Ipswich and Milton Keynes, each promising to bring sought-after new homes and amenities, and help with wider regeneration in their locations.”
David Galman, sales director at Galliard Homes, added: “The last year was very successful for Galliard, we sold out at several key schemes across London and the South West, and we were able to help buyers find their dream homes despite the challenges facing the market. We had a fantastic response to our stamp duty extension and we have seen how many buyers have benefitted from this extra money in their pocket.”