Instead of competing with the biggest housebuilders for prime-quality greenfield land, Newland Homes acquires less attractive former industrial or derelict sites that it clears and cleans. Based in Cheltenham, the company typically builds three-storey terraced properties in southwest England for sale to private individuals and local councils. Rising house prices and an increase in the number of properties built have helped profits grow 50% a year from £1.7m in 2000 to £5.7m in 2003.