January 9 2020 @ 14:26 by Richard Dawson
Adderstone Group, a Newcastle-based property investment and development company, is celebrating a strong year, following substantial increases in turnover and pre-tax profit in 2019.
The company reported annual profits of £5.98 million in the financial year to 31 March 2019, an increase of 32 per cent on the previous year, with consolidated turnover rising from £38.1 million to £45.1 million.
Founded in 2000 and currently headquartered in Jesmond, Adderstone Group is one of the North East’s leading property groups, encompassing estates and projects divisions along with property management and residential lettings companies.
The group currently manages a commercial property portfolio of almost two million sq. ft and has over 100 commercial tenants on its books.
The latest figures mark another successful year for Adderstone, which generated over £25 million from its development activities alone.
During the accounting period, the Group also continued to expand its property portfolio, with transactions totalling £21 million, including the £4 million acquisition of The Fleming, the company’s new head office in Jesmond.
Adderstone also saw major investments outside the North East, with the Group’s London office completing the acquisition of a £6 million mixed-use mews address, Plantain Place, located near the Shard.
The business has gone on to complete a further £9 million of property acquisitions post year end, including Broadgates Retail Park in Hexham, and currently has £14 million worth of deals in pipeline.
Adderstone Group’s chief financial officer, Michael Shipley commented: “I am delighted with this performance. These results are testament to the brave stance we took in the face of much negativity and political uncertainty that dominated the period.
“Having completed and disposed of a number of key developments, we scaled up our investment activity in the year and our recently expanded estates team is on target to consolidate a £100 million commercial property portfolio within the next 18 months, hosting more than 100 business tenants in almost two million sq. ft of space.”
During 2020 — the group’s 20th anniversary year— Adderstone’s projects division plans to add to the company’s asset base with the completion of several current development schemes in the North East, including Baker’s Yard, Pipewell Quays, Tyne Bridge House, Eastgate House and Hanover Point.