Last updated May 18th 2022
Urban & Civic
Urban & Civic plc was created in May 2014 when Terrace Hill, a property development and investment group quoted on AIM, merged with Urban & Civic. At the same time, the enlarged group raised £170 million in a placing and graduated to the main stock market. It marked the return of Nigel Hugill (chairman) and Robin Butler (managing director) to the publicly quoted property arena.
The merger created a new group which has become a leading master developer of strategic housing sites, focused on large scale residential holdings in the UK regions around London.
The initial chapter ended in November 2020 when terms were agreed on the acquisition of Urban & Civic by Wellcome Trust for £506 million. The Wellcome offer reflected the two groups” shared logic that large strategic sites will make a growing contribution in meeting residential need in South East England. Wellcome Trust is also transferring various of its existing strategic project and land assets into U&C.
U &C specialises in strategic residential land developments in growing areas and has 14 major sites (see details below) with over 16,000 acres, mainly within 100 miles of London and with land for 33,000 homes consented and submitted.
The strategic sites currently in delivery include Alconbury Weald and Waterbeach Barracks in Cambs; Middlebeck in Newark and Houlton near Rugby as well as Wintringham near St Neots.
The group adopts what it calls a master developer model which involves large-scale residential build through five-year licences which are capital-efficient for housebuilders but which involve minimum annual payments and underwrite the annual forward receipts to Urban & Civic. Today, Build to Rent – particularly to meet demand for single family housing outside cities – is seen as an increasingly significant part of the group’s offer in future years.
In the year to September 2021 the group made 1,219 plot completions, up 44% on the previous year and the business has around 28 housebuilding customers.,
The group”s land promotion business Catesby is building on its pipeline having settled terms on nine new sites by the end of 2021 involving over 3,000 new homes. In all, Catesby has 63 sites across 3,935 acres. Meanwhile, the group also has two commercial sites with 394,000 sq ft and five other sites comprising some 12,500 acres.
In the group’s latest annual report published in March 2022, U&C chairman Nigel Hugill said: “We stand firm in our conviction that the way through the maze in South East England is through infrastructure led, large scale development capable of demonstrating positive on site environmental impact and access in soundly selected locations.”
Financials
To view the financial for Urban & Civic PLC, visit Companies House and use Company ID SC 149799
In the year to end-September 2021, Urban & Civic reported a profit before tax of £26.7 million, compared to a loss of £6.9 million previously. Its EPRA net asset value rose by 11.7% to £557.7 million and plot completions rose to 1219 from 844. Revenues for the year, including joint ventures, rose to £145.8 million from £81.7 million previously. Meanwhile, the group had cash of £53.9 million, up from £30.1 million and its borrowings – the bulk of which are from Homes England – stood at £194.2 million, down from £207.2 million Net debt of £112 million gave gearing of 26.8%.
Strategic sites
Today, the group has fourteen strategic sites in various stages of delivery. Meanwhile its forward contracted sales from the strategic sites in 2021 rose to £126 million from £102 million previously.
The strategic sites are at Alconbury Weald in Cambs (1425 acres for 6,500 homes, in delivery); Waterbeach Barracks in Cambs (716 acres for 6,500 homes, in delivery); Houlton, near Rugby (1,170 acres for 5952 homes, in delivery), Middlebeck, near Newark (694 acres for 3150 homes, in delivery), Priors, Northants (965 acres, for 4320 in delivery); Wintringham, St Neots (400 acres for 2,800 homes in delivery); Manydown, near Basingstoke (794 acres for 3 500 homes in early delivery); Bowmans Cross, South Herts (1,529 acres for 5600 homes, in planning); Baldock, north Herts (527 acres for 3,300 homes, in planning); Hinxton, Cambs (314 acres, for 1,500 homes, early delivery); Tempsford, Beds (2,113 acres for up to 7,000 homes, pre-planning); Calvert, Bucks (785 acres, for over 5,000 homes, pre-planning); King’s Langley, Herts (380 acres for 1900 homes, pre-planning); Stoughton, Leicestershire (4,317 acres for 10,000 homes, pre-planning)
Glenigan data
Figures from Glenigan highlights some of the projects Urban & Civic is involved which are generating construction activity. They show that the group is a client on a £10 million highways works project at Waterbeach Barracks site in Cambs where work started early in 2022 and is set to continue for 10 months (Project ID: 21389179). Urban & Civic is also the client on a £2 million enabling works project at Wellcome Trust Genome Campus in Saffron Waldon in Essex where work is set to start in August 2022 (Project ID: 22174466).
Conclusion: A leading master developer with an eye on the long term
Given the scale and duration of Urban & Civic”s huge residential schemes in Cambs, Hampshire and Northants – and bolstered by its acquisition by Wellcome – the group is set remain a significant player in the new homes sector, with land for over 30,000 homes spread across areas of buoyant demand. It is particularly well-placed to take advantage of continuing growth in the Oxford-Cambridge corridor. Meanwhile, U & C”s niche skills in mixed-use development are likely to remain in demand.
Winning Work with Urban & Civic
The group sets much store on the environmental impact of its schemes. The group uses best-practice construction methods aimed at minimising waste and pollution and making good use of sustainable materials.
The group is also keen to use new technologies which maximise energy efficiency such as ground source heat pumps, low emission solar glazing and photo voltaic cells. It also undertakes full energy assessments of each development and aims to achieve the highest possible BREEAM accreditation and lowest Energy Performance Certificate (EPC) scores.
Senior Contacts at Urban & Civic:
Richard Coppell, Group Development Director.
Tel: 020 7509 5555
Email richard.coppell@urbanandcivic.com
Richard Hepworth, Group Director of Project Management
Tel 020 7509 5555
Email richard.hepworth@urbanandcivic.com