Log in | Register

March sees increase in residential contracts

Words: Laura Edgar
Increase in students become licentiate members of the RTPI / iStock-696418376

Contracts worth a combined £1.8 billion were awarded in the residential development sector in March, according to the latest statistics.

Of all of the contracts awarded in March, residential developments accounted for 31.6 per cent. The number of units also increased by 2.1 per cent to 10,066 units, compared with February, according to industry analyst Barbour ABI’s Economic & Construction Market Review.

The commercial and retail sector saw a 16.1 per cent share, while a 13.6 per cent share was recorded in the hotel, leisure and sport sector.

The total value of contracts was £5.3 billion, 1.2 per cent down on February but a year-on-year increase of 0.6 per cent.

The largest contract in March was Symmetry Park Project at Morton Park Way in Darlington, an industrial project valued at £120 million, says Barbour ABI.

Valued at £100 million, the Ten Broadway residential development at the New Scotland Yard site in London was the second most expensive contract. This includes the development of 246 luxury apartments in a 20-storey building by Multiplex Construction Europe Limited.

The top 10 contracts awarded by value for March 2018:

  1. Symmetry Park Project at Morton Park Way in Darlington – industrial – £120 million
  2. Ten Broadway Development, New Scotland Yard in London – residential – £100 million
  3. Swansea Central, Phase 1, Swansea – hotel, leisure and sport – £100 million
  4. Abbey Retail Park, 597 flats, London – residential – £90 million
  5. Westside Extension, phase 3, Edgbaston Five Ways – infrastructure – £83 million
  6. Manchester Airport City, Ibis Holiday Inn Express Hotels – hotel, leisure and sport – £80 million
  7. Doncaster Iport Development Unit IP9, warehouses and offices – industrial – £80 million
  8. Musgrove Park Hospital Phase 2, surgical centre – medical and healthcare – £80 million
  9. Manchester Goods Yard, office development – commercial and retail – £73 million
  10. Newfound Farm, 650 houses – residential – £65 million

March’s Economic & Construction Market Review can be found here on the Barbour ABI website (pdf).

Image credit | iStock