Vistry to begin construction after buying 233-home site from Bloor

Vistry is set to begin construction on a development in Worcester after buying a site with outline planning permission for 233 homes from Bloor Homes.

The housebuilding giant has already secured a reserved matters permission for the first 72 homes, with construction on these set to begin this month.

The development, which is part of the larger Elgar Park development, will comprise 33 homes for social rent, 14 homes for shared ownership and 116 for general market sale through one of Vistry’s housebuilding brands.

The remaining 70 homes will be delivered in partnership with build-to-rent provider Sigma.

Supriya Ray, managing director of Vistry Cotswolds, said: “We’ve worked closely with Bloor to secure this site which will deliver a significant number of mixed-tenure homes. 

“By collaborating again with our long-term partner Sigma, we can provide a range of high-quality homes for rent, whilst also using the Group’s well-known open market housebuilding brand Bovis Homes, giving local people an excellent range of housing choices.” 

The latest scheme announcement comes as Vistry seeks to bounce back from a challenging end to 2024.

>> Read more: How worried should the housing sector be about Vistry? 

Earlier this month, the housebuilder posted interim results which saw it avoid a fourth successive profit downgrade, recording gross adjusted profit before tax of £250m.

This marked a significant drop from the £419.1m recorded last year and is 40% lower than the housebuilder’s original forecast, but remained in line with the prediction issued on Christmas Eve, when Vistry issued its third profit warning in as many months.

While first two warnings concerned cost issues in the business’ southern division, which are now estimated to total £105m in 2024, the December announcement cited delays to a number of partner agreements and a decision not to proceed with some anticipated land transactions.