King & Co raises funds for £450m home counties portfolio

Strategic land developer King & Co is seeking finance to deliver up to 1,250 homes in the home counties. Platform Two will target a portfolio of £450m and up to £120m in profits, developing starter homes for first-time buyers across more than six sites in Hertfordshire. It is aiming to deliver between 500 and 1,250 homes across 40-100 acres of developable land. Paul White’s personal investment vehicle, Frogmore Capital, has agreed to take a 10% stake in the portfolio, building on a 20% investment last year in Platform One. Frogmore Capital is separate to White’s business Frogmore Real Estate Partners IM, formerly Frogmore Estates. The portfolio comprises Nyn Manor in Northaw, Hertford Road (former Doberman Club, a dog training ground), Wells Farm in Cuffley, land in Lemsford, Tonwell Tower, and a sixth site which is currently in negotiation. The sites have significant development potential to help the region meet its housing demand for local workers, which is boosted by employers Tesco, T-Mobile and Ocado. Local authorities Welwyn Hatfield Borough Council and Hertsmere Borough Council have already identified sites for development, with others to be promoted for allocation in the upcoming 15-year Local Plans. King & Co managing director Oliver King said: “Platform Two is a logical evolution from the £300m Platform One. We have had the ability to look at Hertfordshire’s pattern of design and the heritage of the county. “Our new design-led planning strategy will look at the needs of the community, with starter homes being a major focus in line with the national government directive.” The developer will seek to deliver a large number of three-bedroom homes for new families priced under £600,000. It is now engaging with its preferred parties before taking the fundraise to the wider market. King said: “Paul White, our non-exec chairman, has added enormous value and structure to our thinking during Platform One. It has brought great stewardship and commercialism to the partnership.” Platform Two could also look to exceed its target, if it is able to secure allocations for more than 1,250 homes. King said the business will then look to secure joint venture development partners to build-out consented sites. He said: “A real focus for us will be to get the consents galvanised and well established, and at the same time we will be looking to work with partners to deliver sites alongside us, in particular specialists in infrastructure. “We will retain involvement, because it is a part of our journey – we want to develop a brand and continue to deliver to the community and the councils.” King & Co is a family business, founded by Herbert James King in 1918. It is led by managing director Oliver King and director Jonathan Collins. The developer specialises in unlocking large strategic land parcels for residential and commercial development. This story has been updated to clarify that Paul White’s personal investment vehicle, Frogmore Capital, is a separate business from Frogmore Real Estate Partners IM, formerly known as Frogmore Estates. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette