Newcastle property development business announces £4.45m profits
Adderstone Group, a property development and investment business in Newcastle, has declared its annual profits of £4.45m to March 31, 2017.
Turnover has increased to £43m from £34m in the previous year, with the £4.45m profit remaining consistent with the £4.3m posted March 31, 2016.
The group has completed various developments, including the Jesmond Exchange as well as Lidl stores in Blyth and Killingworth. Despite losing out on many proposals, this year Adderstone is set to create homes for 600 people in Newcastle.
John Armstrong, group finance director, said: “The £662k we lost on our proposed Quayside apartments and housing at Greggs only really tells part of the story.
“The true cost of not winning support for these planning applications is several years work and the loss of £50m inward investment to the region.
“Having delivered more than £100m inward investment and developed homes for in excess of 1,000 people in Newcastle, it is with a sense of regret but perhaps also inevitability that we are having to adopt a more passive investment strategy and look at developments outside the region.”
Deals in 2017 totalling £15m included the acquisition of The Rivergreen Centre in Durham, home of Atom Bank and Leeds Building Society’s office on Cobalt Business Park.
With deals agreed on a further £20m worth of assets, the company is planning to build a major regional commercial property portfolio.