Land Promotion Progress

The Catesby Times 2019

Its been a busy 12 months for Catesby Estates.

Read our year end roundup here.

From planning consents, land sales and community engagement to new office openings and staff socials we have a lot to shout about!

PROGRESS THIS YEAR

A year of strong financial performance for Catesby Estates with cash generated of £33.1m (gross) continuing to justify the rationale for its acquisition by Urban&Civic in 2015.

During the year planning consent was granted or resolved to grant on 440 dwellings across 5 sites, with land for a further 1,320 dwellings being allocated in either an adopted or emerging Local Plan.  All consented sites have been in accordance with local affordable housing policies and have an average of 37% affordable housing.

Catesby disposed of 9 sites totalling 138 (gross) acres with planning consent for 862 new homes with a total gross land value of £60.7 million. Whilst the management team continues to focus on minimising the planning risk on sites brought forward by achieving allocations in Local Plans, it remains the case that on occasion Catesby will need to have recourse to the Appeals process.  At the year end this was limited to 3, of which it is expected that 1 will be consented before the Planning Inquiry takes place.

The Land Promoters model aids diversity in land supply for small and medium sized housebuilders and Catesby was delighted to sell to both Hayfield Homes and Anderson Group during the year as well as continuing to maintain its relationships with the volume housebuilders.

At Myton Green, Warwick, we are nearing completion of the initial infrastructure works and sale of the serviced land parcels.  Bovis Homes has acquired an 8.9 acre land parcel and will join Avant Homes and Miller Homes onsite in early 2020.  In time, the 96 acre site will provide 735 new homes, 6 equipped play areas, a network of new footpaths and cycleways and 250 specimen trees set in around 20 acres of green open space.

Our commitment to early, high quality infrastructure delivery at Myton Green means housebuilders are able to bring forward the construction of new homes with residents benefitting from earlier occupation dates and more established recreational and wildlife areas.

LOOKING FORWARD

Due to the number of planning consents and allocations achieved with their subsequent sales, concerted efforts continue to be made to maintain and build the portfolio.  To aid this and the management of a growing land portfolio in the South and South East of England, Catesby has opened a new office in Basingstoke.

Catesby will continue to target sites with short (2 years) to medium (5-7 years) term planning prospects which not only achieve our return hurdles but meet certain basic criteria as to a minimum sales price per square foot for the new homes, indicative of areas of either limited supply or high demand.  This leads to a particular, but not exclusive, focus on the South Midlands, South, South East and East of England.  We continue to be alive to opportunities elsewhere where the minimum financial return criteria are met.

Risk will be minimised by continually evolving the planning and community engagement strategies to promote sites through the Local Plan process, seeking allocation and gaining consent at a local level.  We will continue to work with multi-disciplinary partners to ensure we bring forward sites which are sensitively designed, sustainable and positively address environmental issues affecting climate change.

Land Promotion - 2018
The Catesby Estates land promotion portfolio is at a record high, with over 64 sites, 2,063 acres and 12,051 plots.

Planning consent granted or resolved to grant on 433 dwellings across 4 sites.  In addition consent has been restored for 400 dwellings following a successful Court of Appeal decision.

Land for 1,640 dwellings has been allocated, or are emerging allocations in Local Plans.

Of the 12,051 dwellings identified 735 are at Myton Green, Warwick.  An outline planning application has been submitted for 640 dwellings at Kenilworth, a site allocated in the adopted Warwick District Local Plan.

Disposals of 5 sites have totalled 102.72 acres and 714 new homes to Bellway Homes, Cala Homes, David Wilson, Optivo, Avant Homes and Miller Homes (both at Myton Green), with a total gross land value of £61.5 million.

The average price per square foot of dwellings for private sales by our customers is £340 reflecting the focus on areas of high demand.  This leads to a focus on the South Midlands, South, South East and East of England.  Catesby continues to be alive to opportunities elsewhere where the minimum financial return criteria are met.

The sale of 918 dwellings across 3 sites has been delayed by the decision of third parties to judicially review the planning consents received. 

Rebranding to Catesby Estates and development of in-house marketing resources has resulted in increased brand awareness and enquiries direct from landowners. 

This has been complimented with early engagement with local councillors, residents and neighbourhood plan groups within the planning process, to ensure stakeholders view potential development as a positive way of enhancing their community.  

In addition to our site work, we have been key founder members of the Land Promoters and Developers Federation (LPDF) which launched spring 2018.  We want to dispense with some of the myths and misconceptions around the role of land promoters and developers by highlighting the expertise and track record of our members as well as through research relating to the sector as a whole.

We are looking for new sites, so if you think your land may have development potential, get in touch; 01926 836910 / info@catesbyestates.co.uk