黑洞社区

Bloxham, chairman of the 拢75m-turnover developer and contractor, said this was one of several options for the 400-unit portfolio, although the company was not in talks with investors.

A string of institutional funds has entered the residential market this year, hoping to take advantage of depressed prices. Last week Aviva Investors said it was setting up a fund with CB Richard Ellis.

Bloxham said: 鈥淭here are huge opportunities in the market, which is unsophisticated and dominated by small buy-to-let investors. We will grow our rental portfolio and keep it, or enter a joint venture with an institution, refinance it or turn it into a real estate investment trust.鈥�

Owing to falling sales, the firm lets out about 25% of its properties, around 100 units per year, compared with 10% in 2007.

To cope with the recession, Bloxham said the company would increase its number of low-rise properties from 25% to 40% of its output, but ruled out a move into greenfield development. 鈥淭here is still some demand for apartment blocks, but the problem is funding. It is easier for a developer to sell houses individually than spend 拢50m building a block of apartments,鈥� he said.

Urban Splash will also boost the amount of affordable housing it builds from 25% to 35%, although Bloxham said it would 鈥渟tick to the knitting鈥� rather than move into new areas like repair and maintenance.

He added: 鈥淲e set up during the last recession in the late eighties, and will come out of this one leaner and meaner. I believe the next five years will provide the best investment opportunity of my lifetime.鈥�

Last week 黑洞社区 reported that Tom Bloxham took home 拢717,950 in 2008 as the highest paid director in the company.

We would like to clarify that he was not the highest paid director and took home 拢149,000.