Deansgate Square Manchester stock image, Manchester, c Joe Gardner for Place North West

Renaker Build reported net profits of £3.9m for the fiscal year ending 31 October 2021. Credit: PNW

Renaker confident in Manchester market as turnover dips

The skyscraper developer noted a 12% decrease in turnover in its financial report for the year ending 31 October 2021.

Despite turnover slipping from £147m the year before to £130m – and net profits similarly decreasing from £4.1m to £3.9m – director Daren Whitaker said Renaker Build was “cautiously optimistic” about the year ahead in his report on Companies House.

“The Manchester City Region continues to be seen as one of the strongest places to live and buy in the UK and Europe, with solid house price forecasts and high rental yields,” Whitaker wrote.

“Although the post-Covid landscape will remain uncertain for some time, it looks likely that new developments in the residential sector in which we specialise will continue to grow.”

Much of the reported turnover was contributed to the delivery of Deansgate Square, Crown Street, Castle Wharf, Riverview, and Cortland Tower.

Noting that construction can be carbon emission heavy, Renaker estimated that its greenhouse gas emissions were 1,268 tonnes.

The company’s net assets rose by £4m over the year to £24m by year’s end.

Deansgate Square, with its 1,508 apartments and amenities building, was completed and handed over that year. The company also had two contract starts in Manchester within the Great Jackson St framework that year.

Whitaker stated that Renaker “remains in a financially strong position to successfully complete all existing projects and hand over projects to clients as forecast.

“While the business remains focused on delivery and completion of ongoing projects, it continues to look at future pipeline and we anticipate further contract starts during 2023, with an upturn in forecast revenues to October 2022 and 2023.”

So far, in 2022, Renaker has secured planning approval for a Manchester primary school, two new towers by Deansgate Square, and the four-skyscraper Trinity Islands. The developer’s 51-storey Cortland at Colliers Yard in Salford also topped out.

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Great to see they are still doing well in tough times. Really looking forward to seeing their future developments. A great asset to Greater Manchester.

By Bob

@bob shame about their identikit towers though

By Balcony warrior

@ balconywarrior yes it would be much better if the land was left as car parks and drug dens

By WindyMcWindface

Can’t wait for the Blade and cylinder towers around here too. The area is really starting to take shape now.

By John

Balconies 60 floors up! Can you imagine..what could possibly go wrong!

By Anonymous

I have to admit I was pretty impressed by Blade and Cylinder’s progress on my last visit.

By Anonymous

@WindyMcWindface you’re saying that they had no choice but to go through with their designs for identikit towers rather than come up with something original? LOL

By Balcony warrior

Only Deansgate Square can be referred to as ‘identikit’, however that is classed as one development, there are quite clear differences in shape and colour with their other towers. We’ve come a long way from the random rain screen days of 15-20 years ago

By Dave

Spot on by Dave. With numerous other towers in the works or actually being built there is a greater differentiation in profile and in cladding which gives a different look. My favourite at the moment though is still the Elizabeth towers close to Deansgate square, it manages to look classy and interesting. Mind you if One Heritage Tower starts soon near Colliers yard I may reconsider. Something other than a flat top would be nice. Seventy stories though. Fifty five to sixty is so yesterday.

By Andy

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