Luxury housebuilder Cala Group plans to triple in size by targeting wealthy would-be buyers in the capital’s commuter belt after revealing a rapid rise in annual profits today.
The Scottish company has invested in a raft of sites in London’s zone six and market towns in the Home Counties to develop a string of upmarket homes, priced in excess of its £400,000 average.
Cala boosted its southern expansion plans in March with the acquisition of luxury developer Banner Homes.
Cala notched up record pre-tax profits of £27.3 million in the year to June 30, up 117%, while sales rose 22% to £294.2 million.
But the newly merged group’s turnover is expected to exceed £500 million this financial year and Cala wants to treble in size by 2016.
The City of Aberdeen Land Association was the first Scottish company to list on the London Stock Exchange, in 1875, and was sold by Lloyds to a joint venture between insurer Legal & General and Patron Capital Partners, the private-equity company, for £210 million last year.
Its portfolio includes a £3.7 million seven-bedroom detached property with a gym and library named Beech House on the Promenade de Verdun in Purley and a cluster of large gated homes in Ascot, currently being developed.
