Newcastle's Adderstone Group reveals £6m profits for 2019 financial year
Newcastle-based property investment and development business Adderstone Group has declared annual profits of £5.98m in the financial year to March 31 2019.
This is said to be an increase of 32 per cent on the prior year, with consolidated turnover increasing from £38.1m to £45.1m.
The accounting period helped to generate income in excess of £25m from development activities.
During the period, the group also continued to invest in its commercial property portfolio, with transactions totalling £21m, including the £4m acquisition of The Fleming, Adderstone Group’s new headquarters in Jesmond.
In addition, the group’s London office completed the acquisition of a £6m mixed-use mews, Plantain Place, situated in the shadow of the Shard.
The business has gone on to complete a further £9m of acquisitions post year end, including Broadgates Retail Park in Hexham, and currently has deals in pipeline totalling in excess of £14m which are set to complete in Q1 2020.
Group chief financial officer, Michael Shipley, said: “I am delighted with this performance. These results are testament to the brave stance we took in the face of much negativity and political uncertainty that dominated the period.
“Having completed and disposed of a number of key developments, we scaled up our investment activity in the year and our recently expanded estates team is on target to consolidate a £100m commercial property portfolio within the next 18 months, hosting more than 100 business tenants in almost two million sq ft of space.”
Adderstone Group’s projects division will be adding to the business’ increasing asset base with the completion of current live schemes: Baker’s Yard; Pipewell Quays; Tyne Bridge House; Eastgate House; and Hanover Point.
2020 could be a ‘significant’ year for the business as the date its 20th anniversary.
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