Architect Assael has seen its profit more than double from £434,959 in 2013 to £921,861 this year
Chairman and co-founder of the AJ100 practice John Assael said projections for 2015 indicated it was on target to deliver a further 50 per cent growth.
Assael said 2013-14 had been the practice’s ‘best year ever’ and had seen turnover increase from the previous year’s £4.39million to £6.25million.
He added that projected turnover for 2014/15 was £7million, while projected profit was £1.2million.
Assael said the practice was confident about the future and hoped to grow its current staff of 70 to 100 by the end of next year.
‘We are actively pursuing opportunities in Hong Kong, Malaysia, the Middle East and Eastern Europe,’ he said.
‘We expect that the current workload in our sectors will continue to be stable or increasing for the next three or four years.
‘Architects should always be prepared to deal with the next recession when it arrives and this means being able to contract quickly when the economy stalls.
‘Our fees are under pressure from both large and small practices undercutting us, but we will not take on work that makes losses.’
Previous story (AJ 17.09.14)
Assael and John Thompson win GLA housing schemes
The Greater London Authority’s (GLA) has chosen teams led by Assael Architecture and John Thompson & Partners to deliver hundreds of fast-track, privately rented homes in east London
In Newham, Assael is working with Grainger and Bouygues Development to build 200 homes and 1,000m² of commercial space on a 0.69 hectare site at Pontoon Dock. The site, which is currently used as a car park, will include 137 private rented sector homes, 42 for affordable rent and 31 for shared ownership.
John Thompson & Partners is paired with Galliford Try’s residential arm Linden Homes and Thames Valley Housing Association. The consortium has been named as preferred bidder to develop 1,100 mixed-tenure homes in 11 blocks on a 2.1 hectare site at Silvertown Way in Canning Town.
The development features 347 private rented homes, 232 homes for affordable rent, and 154 for affordable ownership. The site will also include 8,000m² of commercial space.
The two developments have been devised by the GLA to relieve pressure on the capital’s private rental market, which has seen rents increase above inflation in the past few years .
Assael Architecture Director, Russell Pedley commented: ‘We’re delighted to have won this with the team as it demonstrates that housing designed specifically for private rent and professionally managed, requires design differences.
‘This not only delivers operational efficiencies, but crucially can foster building communities and be fun places to live.’
A spokesperson for JTP said: ‘JTP are delighted to be part of the design team that will deliver 1,100 new homes in Silvertown.
‘We look forward to employing Collaborative Placemaking practices to get the best possible results from the scheme at the subsequent design stages, and to work closely with the development partners and other design consultants to create a new urban place that really works.’
The two schemes form part of the GLA’s London Development Panel (LDP), which is a procurement panel setup by Johnson to accelerate the delivery of housing in London by making it faster, easier and cheaper for public land owners to bring forward land for development.
As part of the covenant for the two sites, the GLA requires both developers to hold the private-rent housing for at least ten years.
The Mayor of London, Boris Johnson, said: ‘These two great new developments will turn surplus public land into new homes for Londoners. These schemes will be built faster than conventional methods by providing a US-style private rented model alongside traditional tenures.
‘It’s important for London’s economy to support the growing rental market, providing top quality homes and management, together with the reassurance of longer tenancy agreements.
‘I also want to entice more institutional investors to come forward and invest in quality homes for Londoners, further supporting house building and creating thousands of new jobs.’