Wates Residential is responding to the needs of its customers by developing mixed tenure housing schemes in partnership with both public and private sector organisations.
Our business covers new-build and partnership housing development activities, reaffirming our long-term commitment to deliver more homes, helping to address the UK’s urgent need for new housing.
Local authorities and housing associations increasingly recognise the benefit of partnerships with the private sector to meet their development goals. Wates Residential can share risk on planning, construction and market sales activity with our partners, helping to remove the barriers preventing their schemes from getting to site.
Our partnership housing offer involves building and selling homes to the public in addition to, and as part of, providing affordable homes for social landlords. We operate in true partnership, meaning we can bring financial investment to each scheme, add value for customers through our development and marketing agency services and manage the sale of new homes.
2017 was a year of significant achievement for Wates Residential South. As well as the expansion into South Wales, working in partnership with Cardiff Council, the business achieved a number of key project wins, which in total saw staff growth of 50%. This contributed to a growth in turnover and profit.
Crucially, this impressive performance was delivered with a firm grip on our fundamental business objectives:
- Our health and safety performance has been exemplary
- We invested in the communities in which we work, adding over £1.7m in social value, supporting 22 apprentices and 19 work placements, and donating over £75k to local good causes
- Our commitment to quality and to the environment remained paramount. This was recognised with our Gold Considerate Constructors Award at Erith Park Phase 2
The targeting of opportunities through selective bidding brought significant success. The forward order book saw both an increase to £606m and diversification in secured opportunity, including construction, development and joint venture partnering.
Key wins during 2017 included the £50m Daedalus project in Lee-on-the-Solent, which will see Wates build and sell 200 homes within two years as the selected partner of Homes England.
The new business team also spent the year bidding and ultimately winning a £1bn estate regeneration project with the London Borough of Havering, which will provide 3,000 new homes across 12 sites. We were also awarded two construction projects for the London Borough of Wandsworth to help build new affordable homes as part of their wider estate renewal strategy. The existing and new project work demonstrates the ability of the Wates Residential team to operate as both developer and contractor, in support of our business partners in delivering mixed tenure housing.
At the Cardiff Living Partnership during the year work also commenced on the first four sites out of a total of 10, with home sales planned to commence in 2018 as part of phase one.