Caddick Group Announces Strong Profits As Development Pipeline Hits £2bn
Caddick Group has reported pre-tax profits of £18.8m in its annual report for the year ended 31st August 2016, following a successful year for all of its core group businesses and a development pipeline now worth over £2bn.
2016 was a particularly prosperous year for the group and its operating arms, Caddick Developments, Caddick Construction, Caddick Civil Engineering and Moda Living, with the commencement of several key new development projects, generating significant turnover and profitability.
Caddick Group’s property development arm Caddick Developments, celebrated the completion of phase one of its £100 million prime distribution and logistics scheme near Wakefield, Crosspoint33, let to TJX, parent company of TK Maxx, and forward sold to Tritax. An occupier is now being sought for phase two of the scheme.
Caddick Developments also secured outline planning approval for its £300 million Quarry Hill scheme in Leeds, a key development in the regeneration of Leeds City Centre’s Cultural Quarter, as well as completion of development schemes in York and Gateshead.
Caddick Construction has seen activity levels increase with turnover levels up 17 per cent on the previous year to £81m.
The Moda Living brand, a joint venture between Caddick and Generate Land, continued leading the way in the Private Rented Scheme (PRS) residential market. The flagship Angel Gardens, Manchester development secured £85m of bank funding and started construction in December 2016. .The JV has acquired or contracted to buy further sites in Liverpool, Glasgow, Edinburgh and Birmingham.
Paul Caddick, chairman of Caddick Group, said:
“The Caddick Group financial results for 2016 are a reflection of the hard work and dedication of our in-house teams who have overseen the acquisition and delivery of a number of key projects over the past year.
“We continue to invest in the growth of the business through strategic land acquisition and look forward to building on these results in 2017.”