Telford Homes has revealed its pipeline is now worth £1.5 billion.
The company announced the pipeline grew by £500 million after it secured the United House Developments’ regeneration business last September.
The group is going to carry on its expansion into the private rented sector following its acquisition of two schemes so far in 2016, one of which is a £69 million deal that will see the firm deliver an East London 150 home scheme with M&G Real Estate.
Telford Homes announced a record revenue for the year up to March 31 2016 of £245.6 million, which sees a 42% rise from the previous year’s figure of £137.5 million.
There was also a £7.1 million increase in pre-tax profit for the year, rising from £25.1 million to £32.2 million across the same time scale, with the company now bidding to post profits in excess of £50 million in the next three years.
Meanwhile, the private rented sector contributed to almost a quarter of total property sales for the year.
Telford Homes is now exploring the possibility of forming long term partnerships with institutional investors, saying that sales to M&G and L&Q this year are merely the beginning of the company’s expansion into the private rented sector market.
Jon Di Stefano, Chief Executive of Telford Homes, said that although there are some justifiable concerns regarding London’s prime residential properties, the group will grow because of the company’s focus on non-prime housing.
He added that the firm is focussing on London’s best non-prime locations at a cost that will see the continuation of strong demand.
Mr Di Stefano continued to say that the company is currently operating in a market sector where supply continues to be significantly outstripped by demand.
Meanwhile, Countryside Properties have also announced last month that it will target West Midland sites in conjunction with developer Sigma.