Housing Growth Partnership (HGP) and Durkan Homes (Durkan) are pleased to announce that Durkan will be one of the first regional partners of HGP’s Regional Growth Initiative (RGI).
The RGI is a four-year commitment that seeks to support the growth and development of the most ambitious regional housebuilders in the UK. It will see HGP and Durkan investing £30m of equity, targeting medium to large size sites and delivering a mix of quality family housing across London and the Home Counties.
Durkan, a leading housebuilder and contractor, celebrated 50 years of operation in 2020, having delivered more than 30,000 new family homes across London and the South-East in that period.
With the implementation of the RGI partnership, HGP aims to support the development of up to eight sites and over 400 new homes with Durkan. The investment will increase housing supply in this high-demand region and support Durkan’s ambition of delivering over 300 homes per year by 2025.
Supporting established regional housebuilders like Durkan, with their strong track record in quality development and steady growth strategy, is a priority for HGP, with partnerships such as this working to bridge the homebuilder funding gap, allowing housebuilders to build more homes across the UK and grow their businesses.
HGP first invested alongside Durkan in 2017 to provide new family homes near Dartford, Kent to help support Durkan’s growth ambitions.
The announcement of the RGI, and Durkan’s role within it comes as HGP, funded by Lloyds Banking Group and Homes England, commits £300 million equity funding to SME and regional housebuilders.
Ronan Murphy, CEO of Durkan said, “The UK’s housing shortage is one of the biggest challenges this country faces, and it is particularly acute in the South-East.
“Government has continued to underline the importance of moving away from a situation where larger players dominate the market. The flexibility and agility of regional housebuilders has a critical role to play in bringing high quality new homes to market so we’re delighted to have been chosen as one of the first regional partners of HGP’s Regional Growth Initiative.
“Our core values focus on quality, integrity, service, value and safety, as well as holding a true commitment to demonstrating sustainability across each aspect of the business. This partnership will enable us to drive forward our commitment to our customers, to build high-quality housing and communities for all to enjoy. We’re looking forward to working closely with HGP on this.”