Gallagher Estates to join L&Q Development Division and become L&Q Estates
L&Q has today announced that its wholly-owned subsidiary Gallagher Estates will join its Development Division and become known as L&Q Estates as L&Q ramps up plans to deliver 100,000 new homes.
The move will help to enable L&Q to assume the role of “master developer”, boosting its ability to work strategically with local authorities and other public and private sector partners and housebuilders as it accelerates development towards 10,000 new homes a year.
Since it was acquired by L&Q in February 2017, Gallagher Estates has continued to grow the business, adding, after significant land sales, a net increase of some 4,000 potential plots to their pipeline with land currently controlled capable of delivering a potential 46,500 homes. Gallagher promotes sites through the planning process, from pre-allocation stage to securing implementable planning consents, before delivering serviced land to the market place. The Warwick-based business was acquired by L&Q in February 2017.
Over the next 10 years, L&Q will respond to the housing crisis by building or funding 60,000 new homes, and enabling the delivery of a further 40,000 new homes. L&Q Estates will have a key role in helping the Development Division of L&Q achieve this ambition, through the supply of land to both L&Q to build out itself, and to new and existing third party PLC and SME housebuilders across the country.
L&Q has already contracted on the first three land deals (totalling 735 homes) with Gallagher Estates and the teams have collectively identified a further 3,000 homes to be built out as L&Q. In addition, during the same 2 year period Gallagher Estates sold over 5,500 plots, to other PLC and SME housebuilders.
This change will take effect from 1 February 2019.
Fiona Fletcher-Smith, Group Director - Development & Sales for L&Q, said: “This move responds to Homes England’s five-year plan and the Letwin Review by enabling L&Q to unlock land for development across a wider range of tenures, and speed up the delivery of new homes on a regional basis through our ability to commit and invest over the long term.
“By bringing the unrivalled skills and experience of the Gallagher team into L&Q’s Development Division, L&Q will be able to promote land, secure consent, deliver essential infrastructure, build quality new homes and create many thriving communities that are managed by L&Q in perpetuity."
Fiona added: “As a charitable housing association, L&Q drives value for everyone - from land owners to the wider community - and our door is open to new partners. Our track record of successful delivery stretches back more than half a century, and by forging a network of strategic partnerships we can step up and support the Government’s ambition of building 300,000 urgently needed new homes a year.”
Gregg Wilkinson, Group Managing Director said: “Our highly experienced team of experts will continue to deliver a quality product to the market place that provides landowners with the confidence that our approach will drive value, and demonstrates to local authorities that we are a leading enabler of quality homes and sustainable communities.
“By aligning with L&Q’s broader ambition to deliver 100,000 homes L&Q Estates will now expand by targeting additional opportunities with new partners. Further, we will increase our area of operations to support L&Q’s wider geographical interests such as those in Greater Manchester.”
Notes to editors
In November, L&Q received detailed planning approval for its 225-home scheme in Wavendon, Milton Keynes, marking the first detailed approval for land acquired from Gallagher Estates. November also saw L&Q achieve detailed permission to build 60 homes on a former Gallagher Estate site in Tiddington, Warwickshire, having received unanimous approval from Stratford upon Avon District Council. A further detailed planning application for 450 homes at Gallows Hill, a phase of Gallagher Estates Warwick Gateway development, was submitted in December.