Developer Urban Splash has reported a 53% rise in its total annual return to £18.8m and said it is well positioned for the uncertain markets ahead.
The total return figure pools profit with property revaluation and includes both commercial and residential stock. Turnover in the year to the end of March 2007 increased by 8% to £62.1m.
Splash collected £6.4m in rental income from its commercial properties and residential apartment rentals, completed 308 new homes and exchanged on a further £118m of apartment sales.
The Manchester and Liverpool-based developer, known for its youthful focus on building design and marketing, had a development pipeline with a final value in excess of £1bn and exchanged contracts worth £138m or approximately two years of future sales.
Post year-end highlights include lettings at the mixed-use Fort Dunlop in Birmingham which is now 97% let, two years ahead of schedule. The company also won new schemes in Birmingham, Stoke, Shrewsbury, Swansea and Liverpool and has made several lands purchases across the country.
In the past 12 months 63 people joined Urban Splash across all sectors of the organisation.
"We are conscious we are entering into uncertain times particularly in terms of the availability of credit," said co-founder and chairman Tom Bloxham. "Though we believe that the fundamental imbalance in demand and supply for housing and the continued demand for high quality office accommodation, alongside our commitment to quality architecture, our diverse geographical spread, low cost of accommodation on offer and the energy, vitality and quality of our people leave us well placed to take the business forward."
The successful year resulted in promotions for six members (pictured above) of its North West-based team into new director roles.
The promotions are:
- Richard Oakes moves from national residential sales director to managing director of Urban Splash Manchester
- Nicola Wallis is promoted from her role as associate director of residential sales to director
- Simon Humphreys steps up to director of development in the Liverpool office
- Tom Fenton and Richard Hattan have both been promoted to director of development for Urban Splash in Manchester
- Claire Thomas was previously an associate director of Urban Splash Work and she is now director of asset management.