Member News
Accounts filed with Companies House confirm Newcastle-headquartered property investment and development business, Adderstone Group, has increased its gross asset base by £40 million and net assets by £8.3m in the financial year to 31st March 2022.
The Group acquired 11 investment assets in the 12 month period, including a new prestigious Mayfair home for its London-based colleagues, 7 Stratton Street. Closer to home, the Group acquired the Pandon portfolio on Newcastle Quayside, which includes amongst its tenants one of the city's finest restaurants, 21. In East Yorkshire, the Group acquired an 80,000 sqft industrial asset in Beverley, East Yorkshire, which has long been home to Bartoline Limited.
In terms of pure developments, the group completed Meadowcroft Mews in Cambridge and continued to progress its Hanover Point development in Newcastle's Stephenson Quarter.
The period also saw its social housing division, Adderstone Living Limited, commence developments comprising 144 homes with a combined gross development value of £18m. In addition, a further three schemes, with a gross development value of £33m, are currently in planning and expected to commence in 2023/24.
At the start of the year, the Group sold its 25% shareholding in Brims Building Group Limited; reducing its exposure to pure construction activities in favour of a renewed focus on commercial property investment and development as well as home building. The Group has retained its own construction division to mainly deliver work in-house to support its ongoing projects and developments.
Group Chief Financial Officer, Michael Shipley, commented:
"The tireless efforts of the team throughout the last year have ensured that the business is well positioned to manage the inevitable challenges ahead. All loan facilities were renewed post year end, and our pipeline continues to deliver impactful and rewarding regeneration focussed developments both in the region and elsewhere in the UK."
