Urban Splash

Urban Splash posts £12.2m profit

Urban Splash has reported an annual profit of £12.2m covering the period to 30th September 2016.

The company claimed that the accounts reflected a strong year in which it accelerated its development activity in the UK – partially due to its modular housing concept, House.

The developer also achieved a total turnover of £26m – up almost £1m on the previous year.

Tom Bloxham, chairman of Urban Splash, 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.”

The developer has launched schemes at Smith’s Dock in North Shields and Irwell Riverside in Manchester comprising 171 homes.

Other notable achievements include the completions of 260 homes in the first phase of the Park Hill development in Sheffield with all the homes now occupied.

In Bristol, the group has commenced work on the next phase of homes at Lakeshore.

Urban Splash has also signed a deal with Town Centre Securities to redevelop Brownsfield Mill on the Ancoats side of Manchester to deliver supersized lofts for sale.

The Urban Splash commercial portfolio has more than 106,000 sq ft of new deals signed.

“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.”

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