Grosvenor Group now has a UK pipeline of 8,000 homes, the firm’s 2017 review has revealed.
The privately owned property group said tackling Britain’s housing crisis was one of its two strategic priorities for 2018, the other being its approach to Brexit’s impact on the London market.
Along with the submitting planning for a £500m PRS scheme in Bermondsey, south London, Grosvenor said it had expanded its partnerships with local authorities and landowners outside the capital, increasing the number of projects on its books and taking its total pipeline of homes to 8,000.
Britain and Ireland chief executive Craig McWilliam said London’s shortage of homes was affecting the capital’s ability to attract and retain talent.
He said this could only be reversed through “bold political leadership and, in some cases, policy change”.
Mr McWilliam added that it was widely accepted housing supply needed to be doubled.
In response to the challenges Brexit will place on the London market, the property group is proposing a “20-year vision” to transform its London estate in 2017.
The group said this strategy had driven leasing, investment and development decisions in the past year.
Grosvenor said it had grown its financial capacity from UK sales of £156.7m to increase the transformation of its London portfolio.
The firm’s boss also warned that ongoing uncertainty around Brexit negotiations would continue to “erode business sentiment in London and the UK this year, threatening both the real estate and other industries vital to [Grosvenor’s] economic prospects”.