Despite the pandemic, Adderstone posted accounts declaring an increase in net assets of £4.2m to the financial year-end to 31 March 2021, with our investment portfolio growing to £115m.
The latest results show we increased our asset base by more than £20m through a combination of redevelopment and direct acquisitions – including retail warehouses, Middle Engine Lane in Silverlink, Victoria Retail Park in Hull, and Great Eastern Square in Felixstowe.
Post-year-end, we added St Ann’s Quay, a mixed-use freehold comprising 32,000 sq ft office space on Newcastle’s quayside, Thomsen Retail Park in Sunderland, and Haughton Retail Park in Darlington to our portfolio.
We recently completed our Pipewell Quay and Tyne Bridge House developments Gateshead Quays, securing leases from Aspire Technology Solutions Ltd and The Great Run Company, respectively.
Taking recent developments at Baker’s Yard, Dean Street Arch and Keel House into account, we have completed new business leases over logistics and office space totalling 100,000 sq ft in the last 12 months.
Alongside our investment commitments, we launched Adderstone Living in the accounting period, delivering “land-led” developments for Registered Housing Associations. The newly incorporated business completed three developments in its first year, comprising 34 homes in partnership with North Star Group and Karbon Homes. A further three contracts were secured post-year-end, which will see the new company deliver 198 homes with a gross development value of £30m in partnership with Places for People, Karbon Homes and Thirteen Group.
In terms of trading and development activities, we continue to progress our luxury apartment development at Hanover Point in the Stephenson Quarter and our 1,118 student campus at Manors in partnership with Blackstone’s iQ Student Accommodation (iQSA).
Michael Shipley, Group Chief Financial Officer, commented:
“Despite the obvious challenges of the pandemic, we’ve been able to continue with our ambitious growth plans with the support of our lenders.
“We’ve enjoyed a highly active year with a record number of transactions, growing our commercial property portfolio by over 60% in 2021, with the addition of 13 quality assets and a strong mix of first-class tenants.
“Coupled with our in-house developments team having added significant value to the growing asset base through numerous refurbishments, extensions and conversions, it’s proven to be an exciting and productive year for the business.”
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