According to the fund’s annual results, this increase is driven by £18.4m in property acquisitions. This included the acquisition of East Street Mills, the largest to date for the fund, which added £1.1m in rental income to the portfolio.

Urban Splash also recorded a 10% increase in operating profits for the year with £2.3m in the 12 months ending March 2024.

Turnover also rose 45% in this time, driven by 5.3% like-for-like rental growth with high occupancy rates meaning rent collection was 99.4% for the year.

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Such growth was attributed to a mixture of external factors - such as inflation falling - and 
the fund’s first finance facility. The latter was a £20m revolving credit facility with Barclays.

Urban Splash was established by SURE Capital Partners in June 2017 and Akeel Malik, partner at the firm, described FY24 as a “significant year of growth”.

“We are advancing with acquisitions and offering more people the chance to live in brilliantly designed homes across the country,” added Akeel.

“Our fund now owns 435 properties in cities like Manchester, Birmingham, Sheffield, Bristol, Cambridge, and Leeds. These results position us well for the coming year.”