Urban Splash highlights potential of Birmingham regeneration site
DEVELOPER Urban Splash, the award-winning regeneration company behind the refurbishment of the Rotunda and Fort Dunlop, has highlighted a further Birmingham project as one of its full year highlights.
In its latest annual results statement – which shows the company reported total returns of £14.6m on a £25.1m turnover – it said the Icknield Port Loop scheme had massive potential for the business.
The company is developing the scheme with joint venture partner Places for People and it said the brownfield site, situated on the fringe of the city, had the potential to support 1,000 new homes.
Chairman Tom Bloxham said there was a lot riding on the success of the scheme for the JV as it was the first contract secured by the partnership.
He said: “This year has been one of consolidation and development for Urban Splash, where for the first time in a number of years and without distraction, we have been able to fully engage in what we do best; delivering award winning, design-led and innovative regeneration schemes across the country in cities like Manchester, Plymouth, Sheffield, Bristol, Birmingham, Bradford, Liverpool and North Shields.
“We were successful in being awarded preferred developer alongside Places for People to develop over 1,000 new homes at Icknield Port Loop in Birmingham, the first new project that the joint venture has won.”
Other significant schemes highlighted include: the modular housing concept at hoUSe at New Islington, the Royal William Yard in Plymouth and New Hall in Liverpool.
The results also report an £11.6m increase in the value of the group’s commercial asset portfolio – an area of the business in which Urban Splash has grown its rent roll, reduced voids and invested in the refurbishment of several properties. Many of these investment properties are held in JV with The Pears Group.
The results also show a substantial reduction in the group’s third party debt, with cash reserves of £7.8m at year-end (September 30, 2015) increasing to £12.1m as of the end of March 2016.
The year’s growth was also reinforced with a number of acquisitions including: 4 Canal Street in Manchester, land at Walsall Waterfront and Irwell Riverside in Salford.
