Developer Wykeland hails 2018 a success as profits and turnover soar
By Hull Daily Mail | Posted: 9 Jan 2019
The property developer behind projects including Hull’s Fruit Market transformation and Beverley’s Flemingate shopping centre saw turnover and profits soar last year.
Wykeland Group, which also developed Hessle’s Bridgehead Business Park and recently bought the Melton Park business site, saw turnover rise to £7.7m – up from just under £7m in 2017.
Profits before tax soared from £4m to £7.5m, in what the developer described as “another very successful year for the business.”
In Hull, Wykeland Group teamed up with Beal Homes to lead the redevelopment of the city’s historic Fruit Market area.
Ian Franks, Wykeland Group’s finance director, said: “These results reflect another very successful year for the business.
Dominic Gibbons, managing director at Wykeland Group (Meehan Media & Comms)
“Our portfolio is 96 per cent let, with rental income showing encouraging growth and strong demand from blue chip brands to be part of our flagship schemes such as Bridgehead, Meltonwest and @TheDock.
“Excluding Flemingate, underlying group pre-tax profits in the year were £7.5m, compared with £4m the year before, and we are well placed for further growth in coming years.
“We have an exceptionally strong development pipeline, including what will become one of the largest business parks in the Yorkshire and Humberside region, following our recent purchase of the Melton Park site in East Yorkshire."
Wykeland has used part of its profits from 2018 to clear outstanding debt from its Flemingate development in Beverley.
Beverley's Flemingate Centre is also a Wykeland project (Karl Andre Photography Ltd)
In 2017, Wykeland Beverley – which includes Flemingate – recorded total losses of more than £7m. That figure has now been slashed to £1.5m.
Mr Franks admitted the value of some assets related to Flemingate had dropped from earlier estimates.
He said, however, the Beverley shopping centre was now bucking the national high street trend, and had seen footfall grow by 18 per cent in the last year.
“The bottom line profit figure reflects a write down in the book value of certain assets relating to our Flemingate centre in Beverley, offset by a profit resulting from the reorganisation of the Flemingate debt,” Mr Franks said.
“Despite the weakness of the retail environment nationally, Flemingate is now 95 per cent let, with footfall growing by 18 per cent year on year.”
Watch: First look inside the new Fruit Market homes
2018 also oversaw the opening of the ergo centre at Hessle’s Bridgehead site, and has also helped pave the way for the £12m Aura Innovation Centre– which will become a hub for the renewable energy sector – to join it at the business park.
Further afield, the developer is also working on the transformation of a former prison site in Northallerton, North Yorkshire, into a retail and leisure space.