Successful year for Manchester property giant Peel
Property giant Peel Holdings has increased revenues and profits for the past year, it revealed in its latest filing to Companies House.
The Manchester-based group, which includes the £10bn Liverpool and Wirral Waters developments in its portfolio, saw turnover rise from £77.967m in 2017, to £81.433m in the year to March 31, 2018.
Pre-tax profits of £49.375m compared with £34.334m in 2017.
Alongside the Liverpool and Wirral Waters schemes, Peel also owns retail parks in 10 locations, Glasgow Harbour, Chatham Waters, and land and propert surrounding the Intu Trafford Centre known as Trafford Waters and Environmental.
The latest report and accounts says the Liverpool Waters plot was valued in March this year at £131.6m, the same as last year.
It said highlights for the scheme throughout the year included planning approval for 900 more apartments, £200m of committed investment, plans for a new cruise liner terminal and hotel, and a landmark transaction through the exchange of a conditional contract for a land sale with Everton Football Club to create a new stadium on Liverpool’s iconic waterfront.
Properties on the sister Wirral Waters site were valued at £92.1m, compared with £89m last year.
Projects have included the Wirral Metropolitan Construction College and the Tower Wharf office building.
Among residential developments in the pipeline are a 500-unit PRS housing scheme.
Peel’s Trafford City estate comprises around 550 acres next to the Intu Trafford Centre and was valued at £254m in March, up from £245m the previous year.
Planning approval was recently granted for the development of 3,000 residential units, 1 million sq ft of commercial space, and a marina.
The Manchester Waters site, near Cornbrook Metrolink station, has planning permission for 216 residential apartments, and a further 526 are proposed.
Peel’s Land and Planning division manages an estate of 15,000 acres with a value of more than £200m. The report said it had another successful year, with land sales of more than £30m, and delivering an increase of £13m in profit and revaluation uplift.
One of its schemes is the Hulton Estate, near Bolton, involving the design of a championship golf course, with the intention to bid for the Ryder Cup.
