Property group builds towards record turnover with London expansion
Priestley Group, the Leeds-headquartered specialist property firm, has unveiled plans for a London expansion following its first deals in the capital.
The company has completed the purchase of two sites in London: the redevelopment of the Packington Arms in Islington and the full-scale renovation of a further residential development in Finsbury Park.
Both buildings are being purchased by subsidiaries of the group’s developer, Priestley Homes, and will be extended and completely transformed from their current use, to form bespoke apartments.
Once work is complete, the properties will be retained by the group for the rental market.
All works will be undertaken by sister company and main contractor, Priestley Construction, which has also joined the London expansion.
Senior staff from the company’s headquarters in Leeds will directly oversee the London projects.
Priestley Group is set to achieve a record £32m turnover in 2018/19, a figure which is projected to more than double to £68m in 2019/20.
Nathan Priestley, founder and chief executive officer of the Priestley Group, said: “We are Yorkshire through and through and our northern roots are the bedrock of our continued success.
“London is seeing a slowdown in property values, and this is the opportune time to pursue a development strategy that benefits from the market. Together with this, Priestley Construction can offer its services to those developers in the capital wanting to bring down construction costs. We aim to start slowly and build organically; our award-winning northern operation will always be the priority.
“London is the natural next step for a company with our ambition. We offer a unique model – providing specialist design and contracting services in-house to leverage buying power – and are initially targeting development projects between £300,000 and £10m.”