Gentoo Homes has announced record results following a successful year of sales, including the launch of eleven new developments across the region.
The residential property development arm of Gentoo Group sold 162 new homes from Prudhoe in the north of the region down to Guisborough in the south of the region, grossing turnover of £36.3 million.
The news comes at the same time Gentoo and the Homes and Communities Agency (HCA) have agreed a £22m finance deal which will see the company develop 400 new homes for sale and for rent across the North East.
The company is now looking ahead to another successful year delivering more homes for more customers with a strong sales pipeline built up of new and existing prestigious developments planned in Gosforth, Wylam, Benton, Carlton, Hart Village, Guisborough and Fenham.
Gentoo Homes continues to develop homes in its core area of Sunderland at Hillcrag in High Ford, Thurcroft in Doxford Park, Meadow View in Houghton-le-Spring and Castle Rise in Downhill. There are also planned developments for Glebe in Washington and Broomhill in Hetton, whilst currently working on plans for its large site on Chester Road in Sunderland.
Colin Wood, Director of Gentoo Homes, said: “We are delighted to have built on previous years successes and the record level of turnover demonstrates our customers’ confidence in the quality, design and locations in which we deliver. We could not have achieved this without the hard work and dedication of our exceptional staff. Gentoo is rooted in the North East and we continue to be committed to building high quality sustainable homes to help meet the region’s housing demand.”
Gordon More, Head of Investment at the HCA, added: “This Loan will help ensure that Gentoo can continue to provide much needed new homes for local people for the next three years. The range of home types that will be built will provide real choice for home owners.”
Demonstrating the company’s commitment to quality, earlier this year Gentoo Homes was recognised for its outstanding new housing development in Durham city centre, ‘The Bowers’, by the County Durham Environment Partnership and by the City of Durham Trust with awards for its architecture and exemplary place-making in the city centre setting.
Gentoo Homes secured planning permission on 657 plots during the 2015/16 financial year and is currently building in nine locations across the North East.
Within the last year the company also celebrated building its 1800th new home in Sunderland as part of the celebrated £1 billion investment in the city by the wider Gentoo Group.