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Miller Homes have recently acquired the strategic land company, Wallace Land Investments to increase their “geographic distribution” and increase their landbank up 41 sites, to 119.
This will assist Miller in their target towards achieving 5,000 homes a year and pushes their total number of plots from 20,500 to 38,000, with the staff at Wallace to join Miller’s strategic land team.
Wallace was established in 2009 in Edinburgh, focused on delivering homes in the North West, West Midlands and the South and has had a strong track record in the delivery and promotion of strategic land. The acquisition will increase Miller’s geographic presence, allowing them to split their geographic distribution between Scotland and England.
Stewart Lynes, Miller’s chief operating officer, said: “We are delighted to be acquiring Wallace, a business we have long admired and whose land portfolio and values are highly complementary to our own.
“Land is the lifeblood of our business, and this acquisition almost doubles the size of our high quality strategic landbank and brings to our business a well-located landbank with strong planning prospects. We are also looking forward to welcoming our new team members from Wallace, who have a strong track record of unlocking asset value.
“This investment demonstrates our confidence in the housing market, which has remained incredibly resilient, and our commitment to the long term value creation of our business. As we emerge from the pandemic, our strong presence in key regional locations combined with our outstanding product and customer service offering means we are well positioned to satisfy ongoing demand for high quality family homes and reach our goal of completing 5,000 homes per annum in the medium term.”
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