Last updated 26 October 2022
Notting Hill Genesis
Notting Hill Genesis was created through the amalgamation of two of the UK’s largest registered social landlords in 2018 and is a member of the G15 grouping of the leading RSLs.
The group manages around 66,000 homes across London and the South East, turns over nearly £600 million a year and has a programme to deliver 7,000 new homes by 2027.
Financials
In the 2021 financial year, turnover at Notting Hill Genesis excluding sales rose to £576.2 million (2020: £550.2 million) and the surplus before tax leapt to £144.7 million (2022: £98.1 million).
To view the financials for Notting Hill Genesis, visit the group’s website here.
Operations
Notting Hill Genesis has its head office at King’s Cross in central London and other offices in Hammersmith and Chelmsford in Essex.
The group has a strategic partnership with the Mayor of London, pledging 60% affordable housing across its Greater London Authority pipeline. The group is on the GLA’s London Developer Panel framework (Project ID: 14224023), Transport for London’s Property Partnership framework, and a number of other local authority preferred partner frameworks.
Notting Hill Genesis is involved in major estate regeneration projects such as the £1.5 billion redevelopment of the Aylesbury Estate in Southwark, south London, which will deliver 3,500 new homes up to 2032 (Project ID: 03110404).
Other major residential developments either on site or due to start on site include the £65.5 million Hackney Wick scheme to deliver 874 homes in Newham, east London (Project ID: 16203964) and the £89 million Kidbrooke Square Development to deliver more than 600 homes in Greenwich, south London (Project ID: 15342458).
In Inside Housing magazine’s 2022 ranking of the UK’s biggest developing RSLs, Notting Hill Genesis was ranked sixth after completing 1,999 new homes. Out of this total, 119 homes were for social rent and 160 for affordable rent
The group was ranked eighth in terms of starts after beginning work on 1,234 new homes in 2021/22 but was in 17th position in terms of the number of new homes expected to complete in 2022/23 with 890 completions anticipated.
All the plots had been secured for the homes due for delivery in 2022/23 and also for the 1,742 units that Notting Hill Genesis expects to complete over the next two years. Over the next five years, the group expects to complete 4,421 new homes and has plots for 4,237 of these units.
The group’s own figures put completions in 0221/22 at 1,346 units (2021: 1,342 units), while starts rose to 1,385 units (23021: 947 units).
Glenigan Data
In the 2021 calendar year, Notting Hill Genesis submitted detailed planning applications to build a total of 122 homes (2020: 41 homes).
In the 12 months to Q3 2022 calendar year, Notting Hill Genesis awarded main contracts worth a total of for £30.0 million (2021: £49.3 million).
Conclusion: Strong position
Notting Hill Genesis has a sizeable development pipeline and a landbank that can service this delivery, but all indications are that the number of new homes to be delivered in the short term may fell below the figure achieved in 2021/22 and the anticipated target of 1,400 units a year.
Completions will fall by a third according to Inside Housing’s latest survey, while Glenigan’s research shows the value of contracts awarded dropping off by a similar ratio. In the 12 months to Q3 2022, the average main contract awarded to contractors for construction work fell to £30.0 million (2021: £49.8 million).
There is a strong focus on delivering homes for low cost ownership and 409 of the 1,199 units completed on 2021/22 were low-cost ownership homes. Glenigan’s research also shows that all the homes in planning applications submitted in 2021 were some form of house and the average planning application contained 122 homes (2020: 41 homes).
Notting Hill Genesis has a number of looming financial commitments. Remediation work to high rise units in the wake of the Grenfell disaster will cost an expected £173 million, while ensuring existing stock is carbon neutral will also cost a further £700 million on current estimates.
Spending on new homes increased to £335 million (2021: £253 million) and is forecast to increase further to £388 million in 2022/23, reflecting the group’s strong financial position with £1,041.2 million in available liquidity at the end of March 2022, comprising £964.7 million in undrawn available bank facilities and £76.5 million in cash.
Despite threats from rising labour and materials prices and expected interest rate rises, which could dampen sales going forward, Notting Hill Genesis will remain one of the major developing RSLs in the immediate future.
Winning Work With Notting Hill Genesis
Contracting opportunities are advertised by Notting Hill Genesis in the Official Journal of the European Union. These contract opportunities can be found on Find a Tender, which can be accessed here.
The group also runs tendering exercise through the Delta e-Sourcing platform, which can be accessed here. Any open opportunities which are posted through the OJEU will be available to access on this platform.
The group’s land team are always interested in opportunities to buy land, ideally with plots for 50 or more homes.
In the summer of 2022, Notting Hill Genesis awarded places to 26 main contractors and eight demolition contractors to deliver 7,000 new homes in the Greater London area over the next seven years (Project ID: 21419547). At the same time, a framework was also set up with 106 companies awarded places on a consultant’s agreement to service these developments (Project ID: 21333365).
The Notting Hill Genesis terms of procurement can be accessed here. Further details on the group”s supply chain can be found here, and the procurement team can be contacted via email at – procurementteam@nhg.org.uk
Key Notting Hill Genesis procurement contacts include:
Group director of development – John Hughes, tel: 020-3815-0000
Email: john.hughes@nhg.org.uk
Deputy group director – Matthew Cornwall-Jones, tel: 020-3815-0000
Email: matthew.cornwalljones@nhg.org.uk
Director of new business – James MacPherson, tel: 020-3815-0000
Email: james.macpherson@nhg.org.uk
Land director – Troy O’Rourke, tel: 020-3815-0000
Email: troy.orourke@nhg.org.uk
Development director – Seumais O’Neill, tel: 020-3815-0000
Email: seumais.oneill@nhg.org.uk