Tony Pidgley’s Berkeley Group has splashed out another £80 million on land in London as the housing market guru makes more big bets on the capital.
Pidgley, who once fought off a takeover bid from his own son and has a track record of picking the top of the market, has snapped up seven sites including the former Royal Mail sorting depot in Twickenham earmarked for 129 homes.
Berkeley, which is also building 242 homes on the Albert Embankment and eyeing a possible deal for Battersea Power Station, says interest in the capital from overseas shows no sign of waning.
“The attraction of London as a world city is underpinning sales to international buyers and the current constrained supply of quality new homes in the best locations in the South-East places a premium on Berkeley’s product,” the firm said.
Berkeley, which has revealed plans to return £1.7 billion to shareholders over the next 10 years, reckons its landbank will generate gross profits of more than £2.5 billion.
