Thames Valley: Savills reports strong pipeline of development opportunities

The Savills south central development team acted on in excess of £245 million of land sales across the region during 2019. Furthermore, providing red book valuations* on assets with a cumulative value of £617m.

With a significant geographical spread, the development team based in Oxford and Reading, service clients across the south central region.

Joint head of department for Savills‘ south central development team, Tim Watson, said: “Despite continued political uncertainty the development industry faired well in 2019 with an uplift in new entrants to the market and a strong demand from national and regional housebuilders.

“The turn of the year saw a clear shift in market sentiment with a growing confidence and strong pipeline of development opportunities. The outbreak of Covid-19 has added uncertainty to the market but activity remains and we are continuing to provide prudent advice to our clients through our agency, valuation, and development consultancy service lines.”

Development sites sold by the team across the central south geography during 2019 include; 240 dwellings in Radley sold to Pye Homes, land for 1,249 dwellings sold to L&G Homes and Communities at Didcot and the sale of 333 units at Barton Park in Oxford, to Redrow plc. Additionally, the team has advised on strategic land parcels including 525 acres at Grazeley, Berkshire and 537 acres at North Eynsham Garden Village.

The valuations department specialises in valuations across development, residential, and commercial sectors. Sites valued include Huntley Wharf in Reading, a large-scale mixed-use development comprising 787 residential units with commercial space, as well as a significant number of PRS schemes in the Thames Valley.

Joint head of department for Savills‘ south central development team, Ed Keeling, said: “Despite the current situation we continue to receive both UK and overseas investment in all major growth areas and following a return to normal activity anticipate opportunity, growth and strong demand for quality development sites across the region.”

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    A red book valuation is the name that is given by practitioners to a valuation report that adheres to the Royal Institution of Chartered Surveyor’s Valuation Professional Standards, also known as the Red Book.