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L&Q to seek partners for £4bn North West venture
L&Q will seek partnerships with house builders, local authorities and other housing associations as part of its £4bn expansion plan into the North West, its chief executive has revealed.
In an interview with Inside Housing, David Montague, chief executive of L&Q, said he wanted “to create a network of partnerships in the region”.
London’s largest housing association revealed yesterday that it is in talks with Manchester housing association Trafford Housing Trust (THT) over a £4bn plan to become a major player in the North West.
L&Q plans to acquire THT and build 20,000 homes – at least half of which will be affordable – in the region over the next 10 years. The deal is expected to be concluded in June.
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Mr Montague told Inside Housing: “We’re setting out our ambition, and what we now need to do – with Trafford’s help and leadership – is have those discussions locally and in partnership with local authorities to deliver what’s needed.
“We’re deliberately higher level at the moment. The next stage is to create a network of partnerships to deliver what’s needed locally.”
Asked if this would include housing associations and local authorities, Mr Montague agreed, adding: “With developers, with house builders, with anyone that wants to work with us to change, invest in and grow the North West region.”
L&Q’s acquisition of THT is the culmination of a long-term joint venture between both organisations, which was formed in 2016 to build 2,000 homes in the North West.
Mr Montague explained that the idea behind this was to combine L&Q’s financial strength and ambition with the local knowledge of THT.
He told Inside Housing it is “possible” that L&Q could move into other new regions, adding: “Right now our focus is on the North West region in partnership with Trafford, but it’s conceivable that we could have similar partnerships in the longer term.”
The 90,000-home association also owns a land business, L&Q Estates, which was formerly called Gallagher Estates. This firm, according to L&Q, has a land portfolio capable of delivering 46,500 new homes, mainly in the South and the Midlands.
In November last year, L&Q revealed plans to build 510 homes on two of these sites in Warwickshire, its first schemes in the Midlands.
Mr Montague said: “At the moment, [we’re building those homes] in our own name, but it’s quite possible that we’ll be developing in partnership with others over time.”
