Profits up £3m as revenue continues to rise for Manchester Developers
The report, which covers the year ending 30th September 2015, includes a significant volume of development for the group
The report, which covers the year ending 30th September 2015, includes a significant volume of development for the group including continued progress at schemes such as Stubbs Mill, hoUSe at New Islington – the modular housing concept’s inaugural site at which the first 43 homes have sold out – the Royal William Yard in Plymouth and New Hall in Liverpool.
Urban Splash’s development work with JV partner Places for People continued in the year too; including the JV’s appointment on the Icknield Port Loop scheme in Birmingham – a major Brownfield site on which the JV will create more than 1,000 homes.
The results also report an £11.6m increase in the value of the group’s commercial asset portfolio – an area of the business in which Urban Splash has grown its rent roll, reduced voids and invested in the refurbishment of several properties. Many of these investment properties are held in JV with The Pears Group.
They also show a substantial reduction in the group’s third party debt, with cash reserves of £7.8 million at year-end which have increased further to £12.1 million at 31 March 2016.
The year’s growth was reinforced with a number of acquisitions which saw Urban Splash acquire a number of properties including 4 Canal Street in Manchester and land at Walsall Watefront and Irwell Riverside in Salford.
Speaking of the pivotal period for his business, Urban Splash Chairman Tom Bloxham MBE said: “This year has been one of consolidation and development for Urban Splash, where for the first time in a number of years and without distraction, we have been able to fully engage in what we do best; delivering award winning, design-led and innovative regeneration schemes across the country.
“I am really pleased with the progress we have made in this last year on all fronts, including hoUSe – the first phase of which sold out fully in Manchester. I am genuinely excited about what the future holds and am very much looking forward to the year ahead.”
The announcement comes in what is the 30th anniversary of the original guise of Urban Splash, as Bloxham continued: “The origins of Urban Splash date back to 1986 and this year will see the 30th anniversary of incorporating my first limited company, something I did at the tender age of 23 on 24th November 1986.
“The three decades since have seen the revival of many of our English cities the very word ‘urban’ has changed from once negative connotations of urban blight, urban decay and urban deprivation to a positive term. We are proud to have played a part in that transformation. We are extremely pleased that we have managed to fight our way through two tough recessions are now once again firing on all cylinders and developing new schemes across the country.”
Urban Splash will now continue its focus on such transformations, evolving plans for its recently purchased Plymouth Civic Centre, starting on site at hoUSe Irwell Riverside and hoUSe Smith’s Dock, as well as a new phase of Lakeshore in Bristol and finishing its development at Lister Mills in Bradford.
Concluded Tom: “I am confident we can build on the work of the last 30 years and continue to swear the Ancient Athenian Oath – ‘We will leave this city not less, but better, greater and more beautiful than we found it’.”