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Vistry’s Countryside Partnerships and Torus Acquire Significant Site

Sam Boughedda
Sam Boughedda trader
Updated 20 Jan 2023

Vistry Group (LON: VTY) said Friday that its subsidiary Countryside Partnerships and Torus, a significant provider of affordable housing, have acquired the 170-acre Peel Hall site in Warrington.

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


The move to acquire the site will see the companies push ahead with plans to build around 1,200 homes, which will be delivered by both Countryside and Vistry’s Housebuilding business in a joint venture with Torus.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

The partnership will see Countryside deliver 595 affordable homes with Torus and 595 homes available on the open market, with the affordable homes offering a mixture of shared ownership and affordable rent.

Vistry said the completed development will include significant open space, with new sports pitches and the creation of a “high-quality residential environment.”

Once they have secured planning permission, the company said work on site is planned to begin in mid-2025.

“Peel Hall has been one of the most sought-after sites in the North West,” said Stephen Teagle, Chief Executive of Countryside Partnerships. “This purchase will help underpin our strategic growth plans for the coming years and through our partnership approach, working alongside Torus, we will accelerate the delivery of housing and the creation of places people love.”

Vistry shares climbed around 0.9% Friday.

On Wednesday, the company posted a trading update for the year ended 31 December, telling investors that it sees FY22 adjusted profit before tax increasing by around 21% to approximately £418 million, in line with its expectations.

Furthermore, the company said it had started 2023 with forward sales totalling £4.6 billion, including £3.6 billion for its enlarged partnerships business. Vistry is also seeing a sustained level of demand across partnerships from Housing Associations, Local Authorities, and the private rented sector, providing it with a strong Q1 pipeline.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.