Wates has announced intentions to expand its housing investment and sales-led development across the UK with the launch of its national development arm, Wates Residential.
Set against a backdrop of evolving markets, the announcement follows the separation of the groups new-build housing division and its social housing maintenance business, which will retain the Wates Living Space brand.
The launch of Wates Residential will see the business sustain and build upon its contractor relationships with social landlords, whilst also expanding its investment portfolio and increasing sales activity in the private housing market.
In addition, the move will enable Wates Residential to grow its housing investment collaborations, cultivating joint venture and community regeneration partnerships to create new and better homes.
Wates Residentials current partnership housing pipeline includes City of Cardiff Councils flagship Housing Partnership Programme, under which 1,500 new homes will be developed over ten years.
Existing sales-led developments include Erith Park in Kent and Butlers Crescent in Dudley, which is being delivered in partnership with Dudley Council and the Homes and Communities Agency (HCA).
The strategic shift comes as the family-owned Wates Group approaches it 120th year in the housing sector. The restructure will see Wates Residential form part of Wates Residential Developments Group alongside the business land investment and planning arm, Wates Developments.
The strategic shift comes as Wates approaches it 120th year in the housing sector. The restructure will see Wates Residential form part of Wates Residential Developments Group alongside the business land investment and planning arm, Wates Developments.
Jo Jamieson, Managing Director of Wates Residential, said:
With an extremely strong reputation in creating high quality new-build homes across a variety of tenures, Wates Residential has a solid base for growth. Our new business strategy will enable us to build our relationship with our core social landlord client base, while also unlocking new and innovative development opportunities, to which we will bring our extensive place-making expertise.
Wates Groups unwavering commitment to creating community benefit in the areas where we work has always been a fundamental part of our business and this will continue as we refocus our business strategy. Investment in development is a vital means to deliver skills training, breathe new life into communities and of course create high quality new homes and these vital issues will continue to be our focus as we take our business forward.
David Brocklebank, Group Managing Director, Residential Developments Group, commented:
Bringing Wates Residential together with Wates Developments allows us to combine our strong capabilities across the growing residential sector. Notably we can offer land investment and scheme promotion, specialist planning delivery and residential land sales, plus our developments to include joint venture partnerships in both private and public sectors.
We are also operating across the UK now, with a great variety of clients and partners, and I am very much looking forward to how we can continue to grow and build on our solid performance and reputable name.