Adderstone drives ‘growth and impact’ in North East

A Newcastle-headquartered property investment and development group is expanding its impact on the local economy.

Adderstone Group has released updated business insight data highlighting the company’s growing contribution to the North East. 

Compiled by consultancy Pegasus Group, the figures show that 1.6 per cent of residents in Newcastle’s urban core now live in homes developed by Adderstone, reflecting three decades of investment in the region.

The data also reveals that the Group now holds or has developed over 2 million sq ft of commercial floorspace, supporting £0.9 billion in annual economic output through jobs tied to its properties. 

Business rates paid by the Group and its tenants have risen to £89.4 million, while £142.8 million is spent annually by people living and working in Adderstone schemes. 

Employment across developments and supply chains has also grown to over 12,000 jobs.

Ian Baggett, founder and chief executive of Adderstone Group, which remains headquartered in Jesmond, Newcastle, and firmly rooted in the North East, despite expanding nationally with offices in London, Leeds, Manchester, Suffolk and Birmingham, said: “It's always so much more fulfilling when we invest and develop in our home region. 

“For my colleagues and me, our purpose really has driven growth and impact.”

Meanwhile, Adderstone’s social and environmental contributions have increased, with 85 per cent of construction materials recycled and a reduction of 689 tonnes of carbon emissions annually. 

The Group has also donated £900,000 through the Adderstone Foundation and delivered 150 work placements and apprenticeships to support skills development.

Sandra Manson, executive director of planning at Pegasus Group, added: “This analysis reflects not only Adderstone Group’s financial and operational scale, but also the wider economic and social value being generated for communities across the region.

“Adderstone's story is truly remarkable. 

“We have been helping them measure economic and social impact data for a number of years now.  

“It's always great to support local businesses that are making such a difference in the North East.”

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