Urban Splash, the regeneration specialists behind the transformation of New Islington, is marking another strong year after revenues rose by £1m.
Its latest account for the year to September 30, 2016, reflects a strong period for the business, in which it accelerated its development activity around the UK.
Results showed profit of £12.2m on revenues of £26m.
The company has cash reserves of £13.9m.
Their increased success is partially due to modular housing concept, HoUSe.
43 Houses at the maiden scheme in New Islington, Manchester have now completed and are fully occupied – 35 of them selling within the financial year.
Subsequent schemes have since been launched at sites including Irwell Riverside in Manchester. The first Town Houses were launched for sale at Irwell in July 2016 and 63% of them are sold.
Reflecting on the strong year, Urban Splash Chairman Tom Bloxham said: "It’s been a good year and I am delighted with the very sound financial set of figures we are able to report.
“Launching our modular House was a particular highlight; the response from customers, the property industry and politicians reinforced our confidence in the product which we believe will help accelerate the delivery of much needed homes in the UK.”
Continuing its track record of successfully transforming historic listed buildings, Urban Splash also signed a deal within the year with Town Centre Securities, with whom it will bring one of Manchester’s last untouched mills to life; Brownsfield Mill on the Ancoats side of the city, will offer supersize lofts for sale.
Tom continued: “As well as bringing new build housing to the market, we are also continuing our work on exciting regeneration projects, turning eyesores into wonderful places to live, work and play.”
The Urban Splash commercial portfolio also performed strongly, with more than 106,000 sq ft of new deals signed.
Significant investment was also made into the 800,000 sq ft commercial portfolio JV with the Pears Group, including the joint acquisition of Office Village in Salford Quays.
The 2.6-acre Barton Business Park in Eccles and the 53,600 sq ft Beehive Mill in Ancoats have also been acquired by Urban Splash as wholly owned investments.
The Chairman added: "Prospects for next year look encouraging; we are very well funded, we have good cash reserves and great JV partners.
"We are beginning to roll out our modular HoUSe products across the UK and our large portfolio of regional commercial and residential assets are performing well.
“We hope we can continue with these exciting regeneration projects across the country and, like the ancient Athenians, we proudly fulfil the oath ‘we will leave this city not less but greater, better and more beautiful than it was left to us’.”
Original link - www.manchestereveningnews.co.uk
