Healthy order book for regeneration specialist
Leeds-based urban regenerator, Muse Developments, reports it has again contributed positively to the full year results released by parent company Morgan Sindall Group plc, the construction and regeneration group.
Morgan Sindall Group demonstrated resilience in the face of the pandemic, delivering an adjusted operating profit of £68.5m (FY 2019: £93.1m) on revenue of £3bn (FY 2019: £3.1bn).
The Group reported a secured order book of £8.3bn, up 9% year-on-year. It now expects profit to be materially ahead of its previous expectations and slightly ahead of that delivered in 2019.
Muse currently has 14 projects on site, with a gross development value of £660m, with a further 11 projects due to start on site in 2021.
The company’s order book and forward development pipeline now stands at £2.4bn, which represented a 4% increase on the previous year end.
Some of the company’s key developments in Yorkshire include:
- Flagship industrial and distribution development, Logic Leeds – practical completion was reached on a 361,000 sq ft distribution hub for Amazon, which was forward funded by Aberdeen Standard Investments. Muse has also completed two further units that were sold in 2019, totalling 56,000 sq ft.
- Forge Island in Rotherham – the repurposing of this key area moved a step closer, with leisure operator, The Arc Cinema, signed up as the leisure anchor for the scheme. It will also include food and drink outlets, a hotel, and a car park, with the new leisure facilities set within an attractive public space and a new pedestrian bridge connecting to the wider town centre.
- In Bradford, Muse was selected by Bradford Council to deliver a new office development at City Park, as part of the council’s wider repurposing of the city centre. The innovative, BREEAM ‘Excellent’ rated 56,403 sq. ft Grade A office building, together with complimentary public realm, will be located close to Centenary Square. A public consultation is due to start imminently with a planning application in due course.
Matt Crompton, managing director, said: “2020 was an unprecedented year. Our teams across the business have shown real stoicism, agility and tenacity, working diligently to minimise the virus’ impact on the business and continue to progress our schemes across the UK safely and in line with Government guidelines.
“Thanks to the unwavering efforts from colleagues and partners, we remain in a strong position.
“We continue to work hand in hand to create inspiring new places and spaces; bringing together the best of the public and private sector to drive economic growth, opportunities for local people and social prosperity right into the heart of communities at a time when it’s needed most.”