24 September 2016 – by David Hatcher
Birmingham-based IM Properties has launched a strategic land division from which it is aiming to facilitate the development of £1.3bn of houses.
IM Land already owns 1,103 acres of land in Bath, Solihull, Bromsgrove, Lichfield, Warwick and Stratford-Upon-Avon valued at £325m on which around 6,000 homes could be built. It is seeking more land and is looking to work with landowners and joint venture partners to unlock projects considered too complex by some housebuilders or promoters.
IM is entering the market owing to strong demand from housebuilders to continue expanding despite their subdued share prices in the wake of the EU referendum and the fact that sentiment remains strong in the residential sector, particularly outside central London. However, housebuilders are also becoming increasingly risk-averse regarding land projects.
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The company has recruited a team with expertise in the housebuilding sector so it can work effectively with the companies it is likely to sell to or work alongside. It will be led by strategic land director Jonathan Dyke.
Dyke said: “The market has thrived in recent years but there is still too much risk and too little certainty in the planning system. We have assembled a very strong team which understands every stage of the residential planning and delivery system, so we can help our partners through what can be a daunting process.
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