Lucrative projects help property group Elevate its profits
Pre-tax profits at Elevate Property Group have jumped 160% in two years as the Birmingham builder benefitted from the completion of “a number of lucrative projects”.
Developments including Queensway House, St Paul’s House and Honduras Wharf in Birmingham helped it achieve the strong figures.
Pre-tax profits reached £7.5m while sales for the year to November 2017 were £24.7m, the company has reported. Elevate’s accounts haven’t yet been filed at Companies House while its 2016 turnover and profit figures aren’t publicly available.
The independent home builder, led by Steve Dodd, also has a contracted pipeline of almost 1,000 homes which it expects to generate revenues of around £250m in the coming years.
Steve Dodd, managing director of Elevate Property Group
In Birmingham Elevate has secured sites and has plans in preparation for 250 homes in Tennant Street, Charlotte Street, Camden Street and Cliveland Street plus School Road in Moseley.
It has also acquired Princes Gate, a 65,000 sq ft office development and multi-storey car park near to the railway station in Solihull where it plans to develop another 160 homes.
Its recent successes in the region give the group the confidence to press on with its developments.
Dodd said: “In 2014 we started gaining traction with our principal project Concord House on Holloway Head. This was completed in 2015 and a new benchmark for quality properties in the city was set. The record value in the city was also set with the sale of one of the furnished penthouses at nearly £1.8m.
“2016/17 saw the completion of a number of other developments that were snapped up by eager buyers and Elevate Property Group achieved some of the highest prices per square foot at that time.”
