25-07-2017

Joint venture reinforces role of SME housebuilders

The Housing Growth Partnership (HGP), the initiative launched by the Government’s Homes and Communities Agency and Lloyds Banking Group in 2015, has signed its first partnership agreement in London and the South East.

The partnership, which has been established with Durkan, a leading developer and contractor in London and the Home Counties, will see the joint funded development of a series of private housing and affordable homes in Dartford – with building commencing in late-2017.

Danny Durkan, Executive Chairman at Durkan said; “The Farmer Review made it clear that we need to move away from a situation where large developers dominate the housing market and we were encouraged to see the Government White Paper on Housing reiterate the critical role that small and medium housebuilders can play in meeting targets.

“Smaller developers have the necessary flexibility and agility to take up opportunities and sites that don’t appeal to mainstream developers, and this will be key to delivery. We have been working closely with HGP to secure this agreement and are confident in a successful joint venture. It is hoped that, now there is a structure in place between Durkan and HGP, further deals may be formed in this way.”

James Hutchinson, Investment Director at Housing Growth Partnership said; “We are excited to enter into this agreement with Durkan. This partnership is the first we have secured in London and the South East and marks a significant milestone for our fund. At HGP our aim is to partner with proven small to medium housebuilders and developers to increase the numbers of homes they can produce. Our partnership with Durkan will not only support its growth ambitions, but will also create much needed new family homes in an area of high demand.”

 

- Notes to Editors - 

About Durkan

  • Durkan is a financially independent, family owned, developer and contractor based in London and the Home Counties.

  • Established in 1970, the company has grown from a small, family contractor to become one of London and the South-East’s leading construction companies.

  • After 45 years’ experience investing in, developing, constructing and refurbishing affordable, quality homes and communities throughout London and the Home Counties, the business is steadfastly committed to delivering high quality homes and lasting value for customers and communities.

  • Named 88th in The Sunday Times Top 250 growing companies in the UK, the business expects to double turnover from £200m to £400m over the next five years. The focus will be on sustainable growth, with an emphasis on growing the balance sheet.

For more information, visit www.durkan.co.uk/our-company.

About Housing Growth Partnership

HGP is an initiative launched by the Government’s Homes and Communities Agency and Lloyds Banking Group in 2015. Both the Government and Lloyds Banking Group invested £50m of seed capital into the project, which expects to make around 50 deals with housing developers for the provision of an additional 2,000 homes in the UK.

www.housinggrowth.com

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