Yorkshire property group sees profits rise and turnover boosted

PROPERTY and investment company the Wykeland Group is predicting a healthy future after reporting an increase in profit and turnover.

Pre-tax profit rose by 16% from £2.9m in 2013 to £3.4m for the year ended March 2014 and turnover rose to £6.4m from £5.5m. Stakeholders’ funds rose to £68.6m, an increase of almost £9m on the previous year.

The Hull-headquartered group’s property portfolio, which includes the Flemingate commercial development in Beverley, Europarc, Melton West on the A63 in East Yorkshire, and the Bridgehead Business Park at Hessle, has increased its value by £8.6m to £58.5m.

The firm has also recently completed the refurbishment of Hull-based Marina Court and it’s currently developing @TheDock – a major regeneration scheme in Hull’s Fruit Market district to create a new home for digital and technology businesses. The 22,000 sq ft C4DI hub building starts on site in early January 2015.

In his report to the directors for the year, financial director Ian Franks said turnover had increased as a result of higher rentals, while the portfolio value had grown due to a combination of new development and increased values from good asset management.

He added: “The group, including its joint ventures, continued to make significant progress on its development projects, including land sales, the signing of leases or agreements to lease and investment on infrastructure. Rental income increased by 4.3 per cent and there was an encouraging fall in the level of property voids.”

Franks said that the directors continue to approach the future with optimism.

“With the economic recovery being sustained both nationally and in the Yorkshire and Humber region, which is the main operating area of the business, the directors are confident that the current development portfolio, allied to the underlying rental stream, will enable the group to grow its profitability,” he said.

Wykeland is a supporter of many of Hull’s cultural activities, including the Freedom Festival and the Humber Street Sesh Festival, and was the first company to sign up to the city’s Business Angels initiative in support of Hull’s City of Culture 2017.

Established 45 years ago by the late Jack Brignall, Wykeland has delivered more than 10.5m sq ft of commercial development throughout England and Scotland. It has 2.5m sq ft of consented development in the Yorkshire and Humber area and has a retained portfolio of 2m sq ft leased to more than 180 business tenants, ranging from small sole-traders to multi-nationals.

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