{"id":30457,"date":"2025-05-16T17:58:16","date_gmt":"2025-05-17T00:58:16","guid":{"rendered":"https:\/\/essential.construction\/news\/landsec-to-pump-2bn-into-new-house-building-drive\/"},"modified":"2025-05-16T17:58:16","modified_gmt":"2025-05-17T00:58:16","slug":"landsec-to-pump-2bn-into-new-house-building-drive","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/landsec-to-pump-2bn-into-new-house-building-drive\/","title":{"rendered":"Landsec to pump \u00a32bn into new house building drive"},"content":{"rendered":"

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The property giant is preparing to start on site from late 2026 across a trio of major residential-led projects that will deliver more than 6,000 homes.<\/p>\n

At Finchley Road in north London, enabling works and demolition have already been completed for the first phase of a consented 1,800-home scheme. Detailed planning is in place for the first 600 homes, with a variation decision expected later this year.<\/p>\n

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Landsec\u2019s first major urban housing scheme in London at the O2 centre strip site in Finchley<\/p>\n<\/div>\n

In Manchester, Landsec has restructured its agreement with JV partners at the Mayfield site to unlock the potential for around 1,700 homes. A decision on detailed plans for the first 879 units is also expected in the second half of 2025.<\/p>\n

The third key site is in Lewisham, south-east London, where a masterplan covering up to 2,800 homes \u2013 including student and co-living accommodation \u2013 is awaiting planning sign-off.<\/p>\n

Landsec aims to recycle \u00a33bn of capital out of offices and non-core assets to fund the residential push and a further \u00a31bn of retail acquisitions.<\/p>\n

Chief executive Mark Allan said: \u201cOur capital allocation decisions from here are about ensuring that the growth outlook for our portfolio in 3-5 years\u2019 time is as positive as it is for our current portfolio today.<\/p>\n

\u201cThat is why we have set out a clear plan to increase investment in major retail by a further \u00a31bn and establish a \u00a32bn+ residential platform by 2030, to be funded by rotating \u00a33bn of capital out of offices.\u201d<\/p>\n

The firm expects gross yields on housing schemes of around 6.5%, with net yields of 4.8\u20135.5%.<\/p>\n

Meanwhile, Landsec has committed \u00a3600m to top-tier retail assets including Liverpool ONE and Bluewater over the past year and is targeting another \u00a31bn of investment in prime shopping destinations where yields are currently hitting 7\u20138%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Pipeline projects<\/th>\n<\/tr>\n<\/thead>\n
\nProject<\/td>\n\nSq ft \u2018000<\/td>\n\nStart date<\/td>\n\nPlanning status<\/td>\n<\/tr>\n
\nOffice-led<\/td>\n<\/tr>\n
\nRed Lion Court, SE1<\/span><\/td>\n\n250<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nOld Broad Street, EC2<\/span><\/td>\n\n290<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nLiberty of Southwark, SE1<\/span><\/td>\n\n220<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nHill House, EC4<\/span><\/td>\n\n390<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nSouthwark Bridge Road, SE1<\/span><\/td>\n\n140<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nNova Place, SW1<\/span><\/td>\n\n60<\/span><\/td>\n\n2027<\/span><\/td>\n\nDesign<\/span><\/td>\n<\/tr>\n
\nTimber Square Phase 2, SE1<\/span><\/td>\n\n380<\/span><\/td>\n\n2027<\/span><\/td>\n\nDesign<\/span><\/td>\n<\/tr>\n
Total<\/td>\n1,730<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
\nResidential-led<\/td>\n<\/tr>\n
\nMayfield, Manchester<\/span><\/td>\n\n1,800<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nFinchley Road, NW3<\/span><\/td>\n\n1,400<\/span><\/td>\n\n2026<\/span><\/td>\n\nConsented<\/span><\/td>\n<\/tr>\n
\nLewisham, SE13<\/span><\/td>\n\n1,900<\/span><\/td>\n\n2027<\/span><\/td>\n\nPlanning application<\/span><\/td>\n<\/tr>\n
\nMediaCity Phase 2, Salford<\/span><\/td>\n\nn\/m<\/span><\/td>\n\nn\/m<\/span><\/td>\n\nDesign<\/span><\/td>\n<\/tr>\n
Total<\/td>\n5,100<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n<\/p><\/div>\n

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