Muse to search for new opportunities
SALFORD property business Muse Developments is looking for new development opportunities to strengthen its future pipeline.
In an interim management statement, ahead of an annual meeting today, Muse’s parent company Morgan Sindall said the business, which specialises in urban regeneration, would capitalise on its “strong cash position” to secure long-term opportunities while the commercial occupier market is still slow.
One of Muse’s biggest current projects is the £220m Talbot Gateway office and retail scheme in Blackpool. It’s also handling a £300m town centre redevelopment in Doncaster and the 81-hectare mixed-use Ashton Moss scheme in Ashton.
Morgan Sindall said the division had traded in line with expectations since the start of the year. Operating profits are expected to be “weighted more towards the second half” due to the timing of various transactions.
Overall London-based Morgan Sindall said it had made a positive start to the year and was on track to meet expectations.
The Lovell division, which handles affordable housing, has seen a “slight improvement” in market conditions for open market housing compared with the second half of 2010.
Click here for an interview with Mike Horner, Muse’s regional director
