The firm admitted though that the Brexit vote had caused delays on projects as investors paused to reassess
Developer U+I has upped its development pipeline by 拢1.5bn to 拢6bn after bagging four large public private partnership projects last year.
The regeneration specialist won competitions to lead on the redevelopment of the London Fire Brigade鈥檚 former headquarters at 8 Albert Embankment and Camden council鈥檚 redevelopment of Holborn Library and the surrounding area in Bloomsbury.
Greenwich council also appointed the firm as part of a joint venture to redevelop the Westminster Industrial Estate near the Thames Barrier.
In addition U+I landed the developement role on the 拢850m 24-acre redvelopment of Manchester鈥檚 Mayfield area adjacent to Piccadilly station.
In its results for the year to February 2017, U+I posted a pre-tax loss of 拢1.7m, compared to 拢25.8m profit the previous year.
The firm attributed this loss to a lower level of development during the year, lower trading gains and lower rental income due to property sales, as well as a negative re-valuation of its investments.
The firm also had a writedown of 拢2.1m for the year in regards to the company鈥檚 serviced offices business, which it has decided to sell or close following operating losses.
Commenting on Brexit uncertainty, U+I chief executive Matthew Weiner said: 鈥淭he decision, last June, to leave the European Union temporarily stalled the UK property market, creating headwinds throughout the summer and beyond.
鈥淎lthough we have seen little evidence of a permanent impact on prices, we have experienced delays on the realisation of a number of projects as businesses paused to assess the revised environment.
鈥淟ooking ahead, even as market conditions remain uncertain, we are confident that we can make significant progress. The need for creative, well-executed regeneration projects is clear.鈥�
No comments yet