[from Building website]
Berkeley Group mothballs large regeneration schemes
26 September 2008
Pidgley buys smaller sites from distressed housebuilders for a quarter of asking price
Berkeley Group is to refocus its business around buying up and building on small sites, as the prospects for getting large-scale regeneration schemes off the ground nosedive.
Tony Pidgley, chief executive of Berkeley, said he had bought 20 small sites in and around London from distressed sellers, while mothballing many big sites.
In addition Pidgley admitted the firm, which is behind a number of big London regeneration schemes including the Kidbrooke estate in Greenwich, and Woodberry Down estate in Hackney, would be mothballing some of them. “The big sites are going to get pulled until the market turns around. Some will get re-planned and go back to housing [from flatted developments].”
However, he added that the firm was still committed to developing them when possible.