The investments, which span the breadth of the South of England, represent Hill's commitment to delivering much-needed, sustainable new homes, either as part of its development activity or as a partner of choice.
Hill's investments encompass 11 developments with a gross development value (GDV) of £1.3 billion delivering 3,000 new homes, of which over 44% (+1,300) will be designated as affordable. Nine of the developments are expected to start on site by the end of 2024, with the remaining pair anticipated to begin in 2025. All of the developments have planning.
Hill made its series of 2023 investments during a period of increased economic uncertainty, demonstrating a proactive and long-term approach, positioning the housebuilder for strong growth in 2025.
The developments include two joint ventures with Peabody and two sites delivered in partnership with Cambridge City Council, highlighting Hill's collaborative approach to delivering high-quality housing and regeneration projects.
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In the same year, Hill also invested heavily in its future pipeline with several acquisitions in strategic land sites, including Warwickshire and Essex. A total of four strategic land options were procured for the company, with the potential for over 9,500 new homes with a GDV of over £3 billion.
Andy Hill OBE, Group Chief Executive of The Hill Group said: "The recent economic downturn presents both challenges and opportunities. By strategically securing these developments at a time when market conditions are advantageous, we are ensuring a robust pipeline of projects ready to commence construction as and when planning approvals are secured. This approach will ensure The Hill Group remains well positioned in preparation for an expected recovery in market conditions.
"Our robust financial position and agile decision-making capabilities have also allowed us to capitalise on strategic land acquisitions, setting ourselves up for growth over the next decade and beyond."
Hill's 2023 investment strategy includes numerous significant developments, including the delivery of St Ann's in Haringey in joint venture partnership with Peabody. The landmark project on the site of a former hospital will eventually deliver up to 1000 homes, of which 600 will be affordable. The company's recent land acquisition of Little Chalfont Park in Buckinghamshire represents an exciting opportunity to develop 380 homes in a prime commuter belt location, providing homes for people at all stages of life; from first-time buyers through to families, retirees, and those needing later-life care. Furthermore, Raleigh Road in Bristol will deliver in excess of 100 homes on the site of the former Wills Tobacco factory, transforming a historic landmark into a vibrant new community hub.
