Urban Splash hits 2m sq ft

PROPERTY developer Urban Splash has hit the 2 million sq ft mark in its commercial portfolio.

The Manchester-based group said this figure includes offices, studios, restaurant, bars, industrial space and retail units across the country.

In a company newsletter the group said it has let more than 80,000 sq ft of new space this year so far.

Urban Splash saw the recession nearly halve its net asset value last year to £45.5m and push it to a £39.2m pre-tax loss in the year to March, 2009.

These circumstances prompted a change in strategy and it has since rented more residential property, rather than sell while prices are depressed, and worked harder on its commercial assets.