An earlier deal
Vistry, the parent of Countryside that is responsible for several housing developments in Brent. including in Northwick Park and South Kilburn, has issued its third annual profits warning in as many months. They now expect profits of £250m compared with £419m last year.
Today the share price fell by 16.2% in half-day trading.
Countryside building for Sovereign Network Group in Northwick Park
The company said that it has dropped various deals because they were not 'sufficiently attractive'. There is speculation that this might mean that they will not bid for the 'single developer' role that Brent Council is seeking for the remainder of the South Kilburn Regeneration. There may also be knock-on effect on tenure of the developments currently underway when viability is reviewed.
3 comments:
ONLY £250m profits! At whose expense?
No doubt these housing projections at their Parkview development at Northwick Park Hospital won't stay as they were stated to gain Planning Consent, most likely, it will all be Private Sale and Shared Ownership. These are the current projections prior to revision due to Vistry’s falling profits.
Private sale 409
Shared ownership 111
London Affordable Rent 70
Intermediate Rent 38
London Living Rent 26
Social Rent 0
The higher employers national insurance costs which the construction companies and developers now have to pay thanks to Labour are probably hitting their profit margins and impacting which developments they now think are 'sufficiently attractive'?
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