Profits hit £6.5m as developer celebrates 25th anniversary
Developer Urban Splash has marked its 25th anniversary with another strong set of annual results – including profits of £6.5m and cash reserves of £17.3m.
The financial year ending 30th September 2017, was dominated by the growth of the Manchester firm’s modular family housing concept House, with 43 properties at the first scheme in New Islington selling out; a second wave of Houses were also released during the year at Irwell Riverside in Manchester and Smith’s Dock in North Shields.
Since the conclusion of the accounts period Irwell Riverside has also fully sold out and, in March 2018, Urban Splash extended its interest in modular again, acquiring the House factory, assets, trade and 68 staff, from SIG Building Systems and welcoming new investors including TV architect George Clarke and WeBuyAnyCar founder Noel McKee.
Urban Splash chairman Tom Bloxham said: “We are big advocates of the use of modular technology to create better designed, affordable and more efficiently created homes in this country.
“It’s been a hugely exciting year for us at Urban Splash as this area of our business has grown so significantly; we already have plans to deliver further sites including at Wirral Waters in Merseyside, Campbell Park Northside in Milton Keynes and Port Loop in Birmingham.”
The company also maintained its commitment to regeneration investing from its own balance sheet during the year on schemes including Avro in Manchester – 31 of the largest loft style apartments in the city housed in one of the last remaining, undeveloped Victorian Mills.
The company has also invested in the acquisition and refurbishment of Beehive Mill in Ancoats, the final phase of Lister Mills in Bradford and investment into Royal William Yard in Plymouth.
Tom Bloxham also praised the company’s partnerships including with Places for People – with whom Urban Splash is delivering large-scale communities including Campbell Park in Milton Keynes, Port Loop in Birmingham and Smith’s Dock in North Shields, Park Hill in Sheffield and Lakeshore in Bristol. Collectively the schemes comprise more than 2,000 homes.
A longstanding relationship with Pears also flourished during the year, with a programme of building refurbishment including the Tea Factory and Vanilla Factory in central Liverpool and Boat Shed in Salford Quays.
The works resulted in all-time lows in the portfolio’s vacancy and a commercial investment income of £7.4m.
Further income came from the company’s management of a 700-unit portfolio of Urban Splash properties managed on behalf of joint venture partner Places for People.
Tom Bloxham said: “I am very proud of what we have achieved with the help of all our partners and our dedicated staff and so far; we are celebrating our silver anniversary but have no intention of going into our golden years just yet!”
An exhibition entitled “It Will Never Work” chronicling the achievements of Urban Splash in the past quarter of a century is being hosted during the year and tomorrow, it moves from RIBA North in Liverpool to Birmingham.
