Urban Splash celebrates profits of £12m plus
Manchester-based regeneration group Urban Splash has concluded a successful trading period, with its latest annual results showing a profit of £12.2m, cash reserves of £13.9m, and a total turnover of £26m – up almost £1 million on the year prior.
The accounts to September 30 2016, reflect a strong year for the business, in which it accelerated its development activity around the UK – partially due to its modular housing concept, House.
Some 43 houses at the maiden scheme in New Islington, Manchester have now completed and are fully occupied – 35 of them selling within the financial year.
Subsequent schemes have since been launched at sites including Smith’s Dock in North Shields and Irwell Riverside in Manchester; comprising 171 homes.
The first Town Houses were launched for sale at Irwell in July 2016 and 63% of them are sold.
Reflecting on the strong year, Urban Splash chairman Tom Bloxham said: “It’s been a good year and I am delighted with the very sound financial set of figures we are able to report.
“Launching our modular House was a particular highlight; the response from customers, the property industry and politicians reinforced our confidence in the product which we believe will help accelerate the delivery of much needed homes in the UK.”
Other notable achievements include the completion of Phase 1 at Park Hill in Sheffield; all 260 homes there were completed and are occupied, while in Bristol, the Group commenced work on the next phase of homes at Lakeshore.
Continuing its track record of successfully transforming historic listed buildings, Urban Splash also signed a deal within the year with Town Centre Securities, with whom it will bring one of Manchester’s last untouched mills to life; Brownsfield Mill on the Ancoats side of the city, will offer supersize lofts for sale.
Bloxham continued: “As well as bringing new build housing to the market, we are also continuing our work on exciting regeneration projects, turning eyesores into wonderful places to live, work and play.”
Urban Splash’s development work with JV partner Places for People continued in the year too; the JV announced the second phase of Park Hill which will feature 200 homes alongside student housing and the proposed S1 Artspace, secured planning for the first modular homes and Smokehouse apartment block at Smith’s Dock in North Shields, and formalised an LLP which will undertake the development of Port Loop in Birmingham – a major brownfield site comprising more than 1,000 homes.
The Urban Splash commercial portfolio also performed strongly, with more than 106,000 q ft of new deals signed. Significant investment was also made into the 800,000sq ft commercial portfolio JV with the Pears Group, including refurbishment works to the Tea Factory in Liverpool and the joint acquisition of Office Village in Salford Quays.
The 2.6-acre Barton Business Park in Eccles and the 53,600 sq ft Beehive Mill in Ancoats have also been acquired by Urban Splash as wholly owned investments.
Concluded Bloxham: “Prospects for next year look encouraging; we are very well funded, we have good cash reserves and great JV partners. We are beginning to roll out our modular House products across the UK and our large portfolio of regional commercial and residential assets are performing well.
“We hope we can continue with these exciting regeneration projects across the country and, like the ancient Athenians, we proudly fulfil the oath ‘we will leave this city not less but greater, better and more beautiful than it was left to us’.”
