EAST London developer Telford Homes yesterday reported a fourfold increase in pre-tax profits driven by a step up in demand for its properties on the back of the Olympics.
The group has sold £60m of new homes at its Stratford Plaza development near Westfield shopping centre which is due to be completed in 2015.
Some 47 of the 198 homes – worth up to £400,000 each – went to UK investors showing strong domestic demand while 140 were sold to overseas buyers.
The group said: “Buyers had responded well to the fact that unlike many regeneration areas, all of the transport and commercial infrastructure is already in place and was thoroughly tested during the Olympics, passing with flying colours.”
Overall, pre-tax profit jumped to £6.5m in the six months to 30 September compared with £1.5m for the same period last year.
Revenue increased by 34 per cent to £78.3m since the first half of last year and the number of open market completions rose from 125 to 252 in the period.