Like many other developers, This Land’s operations have been affected by the pandemic and challenging market conditions, including rising interest rates, inflation, and increased construction costs. These challenges were compounded by the original arrangements of the loan provided by the Council, resulting in high initial interest repayments. However, under the approved plan, This Land will return to the Council at least the equivalent of the original cash investment over the loan’s lifetime, through a combination of loan repayments and interest payments, ensuring that Council taxpayers have not lost money.

Since 2016, This Land has paid over £42 million in loan interest to the Council. Under the approved plan, This Land will pay at least an additional £21 million in interest by 2029, alongside £60 million of principal repayments, generating a further £81 million of positive cashflow for the Council by 2030.

Rob Williams joins as Interim CEO, bringing extensive experience to the executive team, having previously held leadership roles in publicly owned businesses, under private equity ownership and in joint venture with local government. Williams brings more than 30 years of experience to This Land, across the civil engineering, construction and real estate development sectors from working with businesses like Taylor Woodrow, St Modwen Properties and Blackstone Real Estate.

In addition, the This Land Board welcomes the appointment of three new Non-Executive Directors:

• Barbara Richardson: Barbara joins as the new Chair of the Board. She is a chartered surveyor, accredited in planning and development. Throughout her career she has worked extensively in bringing forward both private and public sector land, through individual acquisitions or joint venture partnerships for residential development.
• Ian Piper: Ian is the current Chief Executive of Ebbsfleet Development Corporation (EDC), where he is leading on the delivery of a new Garden City for the region, comprising up to 15,000 new homes and thousands of new jobs. Prior to joining EDC, Ian was Head of Land at Homes England, where he had responsibility for all the Agency’s central land activities.
• Jason Green: Jason has 30 years of financial markets experience and is Managing Partner of Liverpool Street Capital Advisors, a City-based corporate finance advisory firm. Previous roles include Family Office and Housebuilder CEO, PwC Corporate Finance Partner, Head of Financing Advisory at Investec Investment Bank and Global Structured Finance at Natwest Markets and National Australia Bank.

Speaking on the appointments, Williams said: “It is a pivotal time for the company and I am looking forward to working with Barbara, Ian, Jason and the rest of the Board to advance our strategic priorities. Their appointment represents a significant strengthening of our board’s expertise and strategic capability. Their diverse backgrounds and proven track records will be invaluable as we continue to grow and evolve the business and we will benefit from their sector knowledge and fresh perspectives on the opportunities ahead.

“Our focus remains on creating sustainable, high-quality developments that deliver value for all our stakeholders – from local communities to our partners and shareholders. I look forward to working with the board and the entire This Land team to drive the next phase of our growth and continue making a positive impact.”

This Land remains committed to delivering value for customers, partners and its shareholder and its leadership changes will provide both operational continuity and renewed strategic direction.

2024 marked a year of transformational change for This Land with significant restructuring and improvements in the company’s leadership, governance, risk management and controls. This was led by our Interim Chief Executive, David Meek. 

As this milestone in the company’s development has now been achieved, David will be stepping down as Interim Chief Executive at the end of this financial year – 31st March 2025. David became Interim Chief Executive in November 2023, prior to which he was the Chairperson of This Land. 

Julia Gregory, the Interim Chairperson of This Land, said: “David has been instrumental in leading and transforming the company, which has seen us now with strengthened risk and governance oversight, improved Board effectiveness, quality management information provision and improved stakeholder engagement. We wish David, the very best for the future and thank him for his passion and energy to deliver these changes in a short period of time, which see us ready for the future.”

This Land Board has commenced the process to recruit a new CEO for This Land, to ensure a smooth transition between David and the new CEO, who will lead us into the next phase of the company. 

Annual report and financial position

In December 2024, the board of directors of This Land (Board) approved the company’s annual report and accounts for the period ended 31 March 2024. The annual report and accounts were prepared on a going concern basis and, as part of that approval process, the Board considered This Land’s financial position and viability. The Board concluded This Land would be in a position to continue in business for the foreseeable future from the date on which the report and externally audited accounts were approved.

Julia Gregory, the Interim Chairperson of This Land, said: “to date, This Land has built (or facilitated the building of through planning) 967 new homes, including c.300 affordable homes. During the period since This Land’s inception, Cambridgeshire County Council has received £43 million unrestricted interest income and £78 million capital receipts. The directors are confident the company can continue to deliver benefits for its shareholder and local residents, in line with its shareholder’s aspirations.”

However, the current state of mortgage rates and housing affordability—while fluctuating—still allows room for people to enter the market, even if it’s later in life. Overall, while mortgage rates are highly unlikely to reach the pre-COVID19 levels, the market has innovative products designed to help buyers consider their options. It remains a difficult environment for young buyers and part of the broader landscape of affordability issues that need to be addressed over time to ensure that the UK housing industry is in a position to deliver on the government’s ambitious targets for housing.

-David Meek, CEO

As a Cambridge-based real estate developer, it is positive to see £10 million allocated for the Cambridgeshire Growth Company to develop an ambitious plan for housing, transport, water and wider infrastructure in this Budget – measures that will help Cambridge realise its full potential by addressing the challenges posed by the ongoing housing shortage, infrastructure limitations and water scarcity.

On the subject of housing, Rachel Reeve’s pledge to support first-time buyers is welcome. While the stamp duty land tax increase from three per cent to five per cent on second homes and investment properties from today (31 October) may impact the private rental market by reducing demand for buy-to-let properties, stamp duty land tax relief remains in place for first-time buyers for now.

The housing market largely depends on the ability of first-time buyers to enter the market, as their purchases enable others to sell and move up the property ladder. Without this influx of new buyers, homeowners looking to sell and move to larger homes may find themselves stuck, potentially slowing down the entire market. While the cost of living is putting additional pressure on all buyers, the housing market has proven resilient. The current state of mortgage rates and housing affordability—while fluctuating—still allows room for people to enter the market, even if it’s later in life. First-time buyers may now be closer to 30 years old, rather than in their early 20s as in the past, but this shift hasn’t led to a housing shortage in itself. There is a broader landscape of affordability issues that need to be addressed over time and yesterday’s commitment to boost funding for the Affordable Homes Programme is welcomed by many.

However, with the increase in the allocation of affordable housing, the profitability of projects is reducing in multiple areas at once. Developers are operating with slim margins, making it increasingly difficult to sustain business operations. The larger players in the market may be able to weather these challenges but smaller developers need more support than outlined in the Autumn budget to meet obligations and remain competitive. Capital gains tax increases are also likely to hit medium-sized developers hardest, especially those working on marginal projects. With less incentive to sell assets, the development pipeline could shrink, exacerbating the housing shortage in areas already struggling with supply constraints.

Not only could supply be limited as a result of increased taxes but a lack of skilled labour also presents a significant barrier to meeting the housing targets the government outlined earlier this year. More than one-third of job vacancies in the UK are due to skills shortages. As CEO of a real estate development company, I see first-hand the impact of skilled labour. It is positive to see the Chancellor’s investment in the Department for Education outlined in the Autumn Budget but the industry – like many others – needs to see more from the government to address the UK’s chronic skills shortage.

The chronic underfunding of apprenticeship programmes is a huge issue for today’s employers looking to ensure a pipeline of future talent. Funding levels have stagnated since 2017, leaving these schemes eight years behind inflation and struggling to deliver at the scale required. It’s not just construction where this is an issue, apprenticeship programmes across nearly all industries are facing similar challenges, with some close to shutting down due to the financial strain. Despite these difficulties, apprenticeships will play a vital role in solving the skills gap over time.

The government needs to take a longer-term view and ensure that these initiatives are properly funded and supported and the injection of cash for schools announced today will not go far enough to ease the labour shortages the UK is facing. We need to invest in our future.

In the meantime, the housing industry – and many others – will continue to face significant challenges in meeting its targets due to the shortage of skilled workers.

Labour’s first budget in 14 years aims to stimulate economic growth but it remains to be seen whether it will have the desired effect or whether there will be unintentional consequences that hamper the growth of the housing industry.

-David Meek, CEO

Providing infrastructure for Soham is central to the development plans, which include space for a new neighbourhood centre that will house the new medical centre and a pre-school nursery. Staploe Medical Centre will provide residents with a new GP practice, double the size of the existing provision.

Access to the Medical Centre will be created via the A142, in addition to the existing Brewhouse Lane access, to mitigate congestion in Soham town centre. Furthermore, a new safe pedestrian route across the A142 will be developed to provide access to acres of fenland and public rights of way.

The new neighbourhood will be located on the eastern edge of Soham between the Qua Fen and East Fen Commons and the A142. While the popular existing commons and allotments on the western boundary of the site will remain untouched, there will be around 15 acres of public open spaces including a new corridor between Qua Fen Common and East Fen Common.

Commenting on the decision, This Land CEO, David Meek, said: “We are committed to delivering sustainable, high-quality homes which benefit local communities. The Soham Eastern Gateway plans are designed to support the revitalised town centre of Soham, one of the largest and fastest growing market towns in the area, and we are delighted that they have been approved. We have worked hard to deliver plans that offer a multitude of benefits for residents including new homes, a much-needed new medical centre and community space, while protecting and promoting biodiversity and green spaces that everybody can enjoy.” 

To learn more about Soham Eastern Gateway, visit: https://this-land.co.uk/soham-eastern-gateway-development/

This Land’s proposed site is located on the eastern edge of Soham between the Qua Fen and East Fen Commons and the A142. The popular existing commons and allotments on the western boundary of the site will remain untouched and the proposed development will provide 11 new play and recreational areas.  There will be around 15 acres of public open spaces, including a new corridor between Qua Fen Common and East Fen Common, and more than 130 new trees. Furthermore, a new safe pedestrian route across the A142 will be created to provide access to acres of fenland and public rights of way.

The East Cambridgeshire Local Plan, which was adopted in 2015, outlines the District Council’s plan to improve the infrastructure of Soham, with new community facilities, homes and job opportunities. Soham Eastern Gateway is an allocated site under Policy SOH 3 within the East Cambridgeshire Local Plan 2015. The new development will support this plan, providing more than 130 jobs during construction works and a further 87 associated full-time jobs. 

Infrastructure for the town is central to the development plans, which include space allocated to a new neighbourhood centre which will house a new pre-school nursery and medical centre. The Staploe Medical Centre will offer residents a GP practice, double the size of the existing provision, with 27 consulting rooms. Access to the Medical Centre will be created via the A142, in addition to the existing Brewhouse Lane access, to mitigate congestion in Soham town centre.

Once This Land has enabled the new Medical Centre site with infrastructure and services, the construction of the new facility can commence. This brand new building is expected to achieve BREEAM Excellent Accreditation to meet high sustainability standard.

Commenting on the proposed plans, This Land CEO, David Meek, said: “Soham has already grown considerably and the District Council has outlined plans to ensure that residents of the town continue to enjoy living in a town that provides the facilities that the community deserves. Creating sustainable communities is our priority and we are looking forward to being able to provide Soham with even more green spaces, much-needed facilities and high-quality new homes.”

Louisa Wood, Chief Operating Officer, Mereside Medical, who has worked with This Land to prepare and submit the joint planning application for the new Staploe Medical Centre, said: “To continue to meet the needs of our existing patients and expand to provide a wider range of healthcare services, Mereside Medical has submitted joint planning permission with This Land for a new medical centre that is double the size of our existing practice. Soham Eastern Gateway is the only location in Soham that is central and large enough to accommodate the new state-of-the-art building and enable us to offer more face-to-face appointments, improved patient facilities and a wide range of much needed community services.”

To learn more about Soham Eastern Gateway, visit: https://this-land.co.uk/soham-eastern-gateway-development/

The new homes will be a mix of detached houses, terraced housing, and flats, with a focus on sustainability. Forty percent of the homes will be designated as affordable housing. There will also be a central square, a wildflower meadow, and areas for children to play.

While there were some concerns raised by councillors about the size of some gardens and balcony space, as well as the lack of complete biodiverse roof coverage, the planning committee ultimately voted unanimously in favor of the plans. Construction is expected to begin soon.

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The water scarcity challenges faced by Cambridgeshire, one of the UK’s driest counties.

• Limited Water Resources: Cambridgeshire relies heavily on groundwater (99%) due to lack of local reservoirs, making it insufficient for planned future developments.
• Infrastructure Strain: Existing infrastructure can’t support new housing projects, leading to Environment Agency objections.
• Proposed Solutions: Long-term solutions include a new Fens reservoir and a transfer pipeline, but short-term measures are needed.
• Developer Role: This Land, a responsible developer, aims to surpass water efficiency standards in new homes by 2025.
• Sustainable Drainage Systems (SuDS): Managing surface water runoff through SuDS helps reduce strain on existing infrastructure and mitigate flood risks.
• Shared Responsibility: Reducing water usage at home (smart meters, rainwater harvesting), businesses (sensor taps), and schools (water-saving measures) is crucial.

Amulti-faceted approach involving planners, developers, and residents to ensure a sustainable water future for Cambridgeshire.

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