Wavensmere Homes Hits £100m Turnover in 2023
Wavensmere Homes and its associated special purpose vehicles (SPVs) has completed 522 houses and apartments during 2023, achieving a turnover of £100m for its financial year, ending 31st December.
The Birmingham-headquartered housebuilder has handed over the keys to 56 houses and 466 apartments this year, across its £175m Nightingale Quarter scheme in Derby city centre, the £106m Belgrave Village development in central Birmingham, and at the £130m Barrelman’s Point scheme, which is the redevelopment of HMS Ganges located on the Shotley Peninsula in Suffolk.
Established in 2015, Wavensmere Homes specialises in urban regeneration, specifically targeting large, complex sites with unique history and character. The business is defying the unprecedented challenges encountered by the housebuilding industry through the strength of its brownfield landbank and construction deliverability.
The business is on track to deliver 500 homes during 2024, which will result in a turnover of £115m. The average selling price of its one- and two-bedroom apartments during 2023 was £175,000, while the price for its two-, three-, four- and five-bedroom family houses averaged out to £325,000.
James Dickens, Managing Director of Wavensmere Homes, said: “We are thrilled with how the business has performed during 2023, which is the culmination of a huge effort by a relatively small team. By seeking out the complex sites that our industry peers don’t have the finances, resources, or imagination to tackle, we have transformed constrained brownfield land into 522 quality, energy-efficient new homes this year.
“The homes we build are attainable, rather than unaffordable, which is resonating with the buying public during this prolonged cost of living crisis. We are proud that our investment in public open space and new facilities is captivating communities and bringing about the regeneration of the wider area. This track record and financial strength is why we have been able to announce four major new projects this year, which between them will deliver over 1,300 houses, apartments and 150,000 sq ft of commercial space over the coming years. Meanwhile, the 500 homes to be handed over during 2024 are already largely underway across our live sites.”
The land assembly for the Nightingale Quarter scheme began five years ago and it remains one of the Midlands’ biggest live residential projects. The Florence Nightingale-designed Derby Royal Infirmary hospital had been vacant for 10 years before Wavensmere Homes set about reanimating the two landmark pepper pot buildings and rare Queen Victoria statue, while creating 125 houses and 800 apartments, located off London Road.
Belgrave Village in central Birmingham is delivering 174 houses, 238 apartments and a range of on-site amenities. This 12-acre site was previously the Joseph Chamberlain Sixth Form College and Birmingham Sports Centre, which had lain derelict for 20 years.
The 58-acre Barrelman’s Point development, located on the Shotley Peninsula, in Ipswich, Suffolk has unique military history. This £130m project is bringing about the restoration and redevelopment of the former HMS Ganges Royal Naval Training Establishment. More than 160,000 Navy recruits passed through the gates, until its closure in June 1976. Alongside the construction of 303 houses and community amenities, Wavensmere Homes is restoring two listed structures, two scheduled ancient monuments, and three further heritage assets.
Plans were submitted in August 2023 for the redevelopment of the historic Friar Gate Goods Yard in Derby city centre. The badly fire damaged Victorian buildings were last occupied 40 years ago. The live planning application proposes the reanimation of the two Grade II listed landmarks into over 110,000 sq ft of commercial space, with 276 new homes also planned for the 11.5-acre site.
The redevelopment of the vacant Cathedral Quarter site of a demolished 1960s police station is another currently being reviewed by Derby City Council’s planning department. 186 apartments are proposed on the derelict land, which sits next to the River Derwent.
In Cheltenham town centre, the North Place surface car park is another recently announced acquisition where Wavensmere Homes is currently undertaking public consultation for its plans to deliver 153 much-needed houses and apartments.
Wavensmere Homes’ selection by City of Wolverhampton Council as its preferred developer for the £150m Canalside South scheme will see over 500 new homes and 7,000 sq ft of lettable commercial space created on a 17-acre waterfront site. The plans will be unveiled during 2024.