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House builder secures deals to build 950 new homes in the North East
The regeneration arm of house builder Galliford Try has won seven new projects to deliver 950 homes across the North East.
The developments include an agreement to build 360 homes in Redcar in partnership with Homes England, the next phase of the £350m Gateshead regeneration project, and affordable homes in Sunderland built on a former secondary school site.
The largest of the projects is a £62m, 350-home mixed-tenure development adjacent to the James Cook University Hospital in Middlesbrough.
In total, the projects have a gross development value of £162.35m.
The schemes include properties for open market sale, shared ownership, affordable rent and private rent, as well as homes with extra care facilities for people over 55.
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Galliford Try Partnerships North, the division that has won the work, specialises in regeneration and works with housing associations, local authorities and other housing providers to build new homes. Last year the wider partnerships business developed around 2,750 homes across the country.
Sean Egan, managing director at Galliford Try Partnerships North, said: “[These contract wins] follow a year or so of change within the structure of the business – particularly in the development team – that is now beginning to pay dividends.”
He said he was particularly pleased that the business had agreed deals with new partners and had extended its remit into regions where it had not worked for some time.
“With a number of other new, significant opportunities emerging, I am confident that we will build on this platform and drive annual turnover beyond the £80m mark within the next two years,” he added.
Galliford Try’s latest half-year results showed that the partnerships and regeneration business increased turnover by 27% to £284.9m for the six months to 31 December 2018, up from £223.5m for the same period last year.
The business also saw its operating increase to £14.5m for the period, up from £10.8m for the first half of 2017/18.
