Property developer poised to take advantage of economic regeneration

Yorkshire property and development company S Harrison expects to build on its record 2018 year with profits exceeding £4m for 2019.

Pointing to an impressive and varied forward pipeline for 2020 and beyond, managing director Ann Scott says the company is excellently positioned for future growth.

York-based Harrison anticipates a 2019 pre-tax profit of over £4m on a turnover of £19m.

With a balance sheet approaching £60m and cash reserves at the end of the year topping £18m, Scott said the business is strongly placed to capitalise on the anticipated economic regeneration in the North and Scotland following the General Election.

Immediately prior to the year end, Harrison delivered a £25m scheme to provide a landmark boutique hotel for Malmaison/Hotel du Vin in Edinburgh while in York, Harrison handed over a new Lidl store.

Scott said: “Additionally, building on a decade of sustainable growth, we have strengthened our own investment property holdings, especially in the student accommodation sector, providing strong secure income to underpin the profit generated from development schemes.  This balanced portfolio positions us strongly for future growth.”

Already for 2020, Harrison’s pipeline of new work includes a 394-bedroom student accommodation scheme close to the Murrayfield Stadium in Edinburgh.

The company also has planning permission for a 157-bedroom hotel near Haymarket in Edinburgh and will start work in 2020 on a 212-bedroom hotel for Meininger at Great Ancoats Street in Manchester, the company’s first project in city.

Ann Scott added: “All of these schemes represent regeneration projects, breathing new life into derelict or underutilised sites and helping local communities to thrive. Given the Government’s own commitment to investing in the northern economy we expect more such schemes to come on stream in the next 18 months.

“Plans to expand our development team are already in place and we continue to look for further development opportunities across the North, the Midlands and Scotland, working with new and existing partners who share our commitment to excellence.”