Property developer looks ahead with confidence on back of impressive results
PROPERTY developer S Harrison plans to bring forward new schemes and build hundreds of new homes this year after announcing strong 2013 results.
In the year to December 31 2013, the York-based group delivered pre-tax profits of £3.46m (2012: £1.6m) on a turnover of £28.64m (2012: £7.22m). At the year end, shareholder funds totalled £26.19m (2012: £24.1m) of which £14.9m was held in cash (2012: £4.01m). This marks almost a decade of consecutive growth in net assets for the group.
This year, S Harrison said it plans to bring forward a new scheme to deliver affordable homes and a new 80 bed care home in Whitby, partnering with social housing provider Tees Valley Housing, part of Thirteen Group. If approved, the scheme will provide 246 new homes, including affordable and shared ownership properties, to help meet the town’s housing need.
In Stratford, the group said it is in advanced negotiations to develop a town centre site whilst in York it expects to bring forward two further schemes, one within the city walls and one near the hospital, for retail and residential use.
Ann Scott, managing director, said: “We are actively pursuing further opportunities in York, in conjunction with City of York Council and others, and have identified a number of potential residential and leisure opportunities in Scotland’s central belt.
“We have further strengthened the team to meet the growing demand for our services. At the same time, we maintain our programme of community engagement, supporting UK and overseas charities and linking with organisations which promote excellence in business and in the built environment, as part of our commitment to genuine corporate social responsibility.
“In 2014 we continue to nurture our relationships with existing business partners, and actively seek new partnerships and new opportunities with like-minded organisations and individuals who share our commitment to excellence.”
Chairman Martyn Harrison said that while the group’s year projection remains optimistic, it expects 2014, which reflects deals done in the recessionary times of the past two years, to be a period of consolidation, establishing a sound platform for further growth in 2015 and beyond.
Harrison said: “I am delighted to report that, on the back of another successful year, we are exceptionally well placed to deliver. We have a track record spanning over sixty years and through challenging times, we have strengthened our already excellent reputation for making things happen.
“But we maintain a sensibly grounded perspective. The recovery, outside London is still patchy and fragile.
“The growing upturn in the UK economy provides exciting opportunities, but those opportunities also carry risks.
“We are rigorous in selecting the developments we opt to progress and in choosing the partners with whom we work. It is on this basis that we will maintain our strong position, safeguarding our hard-won reputation for delivering what we promise. We will not rush headlong towards any ‘opportunity’ without first ensuring that it offers a viable, deliverable exit.
“We will maintain a balanced portfolio of schemes working in sectors where there is a demand for our product and delivering returns for all those involved in the development process – clients, landowners, partners and the communities in which our schemes are located.”
During 2013, in York, S Harrison delivered the new 258 student accommodation for York St John University adjacent to the Hungate development site. Also in York, the team partnered with independent student accommodation provider Student Castle to bring forward plans to provide around 650 student units on the site of The Press offices in Walmgate.
In Lichfield, S Harrison completed phase one of The Friary development on a former car park site adjacent to the city centre. Work on the 79 bed Premier Inn representing phase two of the £14m Friary development will be completed this summer.
