Having previously aimed to deliver an average of 900 homes per year from 2015-2020, the developer is now upping its target to over 1,000 new homes per year over the next three years, rising to 1,500 thereafter.
The company recently recorded a surplus of £84.1 million and a turnover of £371.9m. Overall, it is aiming to have more than 40,000 homes in ownership and management by 2020 and 45,000 homes by 2025.
The new revisions to A2Dominion's land strategy are being supported by key changes to its Group's executive management team.
Executive Director Nick Hutchings has been appointed to Managing Director of Commercial operations from October, with both John Knevett (Group Commercial Officer and Deputy Chief Executive) and Nicholas Yeeles (Executive Director, Commercial London) both leaving the company in 2018.
The moves form part of the Group's phased transition towards a more centralised model of delivery within its commercial division, which is being reorganised to streamline its leadership team and standardise ways of working across its regions. This includes the creation of six new director roles reporting directly to Nick Hutchings.
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Mr Hutchings was previously Executive Director (Commercial) of the Group's South East region and a Managing Director at the Berkeley Group.
Last year, the developer started work on 868 new homes and now has more than almost 37,000 homes in management across London and southern England.
Other highlights of A2Dominion's development programme include:
• Significant growth to its private rent portfolio, with 1,000 homes now in management and a commitment to delivering 500 more over the next two years
• Joint venture partnerships with other major housebuilders:
- Queen's Wharf in Hammersmith and Keybridge in Vauxhall with Mount Anvil
- Jigsaw, a major regeneration project in West Ealing with Rydon
- Walton Court in Walton-on-Thames with Crest Nicholson; and
- Elmsbrook (phases 3 and 4) in NW Bicester, the Group's second joint venture with Crest Nicholson
• Securing planning permission for a number of new sites:
- 265 homes planned for Knowle Park in Cranleigh
- 164 new homes to be delivered at West End Lane in Camden
- 128 new homes as part of a major regeneration development in Bristol called Redcliff Quarter; and
- 78 units for student accommodation at Reliance Way in Oxford
Darrell Mercer, Group Chief Executive, said: "This is an exciting time for A2Dominion as our ambition is to develop 1,500 new homes each year by 2020.
"John and Nick have made an immeasurable contribution to the development of the Group over the years. They have ensured that we have significantly increased the number of new homes we provide and will be leaving the commercial division in the capable hands of a new leadership team."
(LM)
