Housing association trust L&Q has announced the unconditional sale of its strategic land division to developer Urban&Civic.
L&Q Estates, previously Gallagher Estates, was acquired by L&Q in 2017. It specialises in acquiring sites, securing planning permission and providing infrastructure, before delivering them to developers to build homes.
That acquisition was part of a drive to speed up the delivery of new homes in the South and Midlands. Now L&Q says the purpose of its sale is to support ithe trust’s strategic focus, which now prioritises investment in existing homes and services to simplify its business and areas of operation.
Waqar Ahmed, executive group director of finance at L&Q, said: “We are pleased to have reached this agreement with Urban&Civic. We’re immensely proud that since acquiring L&Q Estates in 2017, we’ve enabled the delivery of over 11,300 new homes, of which 1,800 have been built by L&Q.
“However, our long-term strategy is focused on ensuring that every L&Q resident has a safe and decent home, and access to high-quality services they can rely on. This deal will help us meet this goal by simplifying our business and generating additional revenue which will be reinvested into our existing homes and services.
“L&Q remains committed to building the affordable homes the country so desperately needs, but this deal signals a longer-term ambition to concentrate future growth in our core areas of Greater London and Greater Manchester, rather than pursue strategic land opportunities across the wider South and Midlands.
“This will allow us to focus our resources on areas where housing need is the greatest, and where we are in the strongest position to provide responsive, local services that offer the best value for residents.”
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