Elevate Property Group managing director Steve Dodd
Birmingham-based independent house builder Elevate Property Group has more than doubled its profit in the last two years, boosted by the region's robust housing market.
Accounts for its financial year ending 30 November show sales of £24.7m with a profit before tax of £7.5m, against the 2015 figures of £14.4m and profits of £2.9m.
Managing director Steve Dodd attributed the surge in profits to the completion of a number of lucrative projects which sold well in 2017.
He said: “In 2014 we started gaining traction with our principal project Concord House on Holloway Head. This was completed in 2015 and a new benchmark for quality properties in the city was set. The record value in the city was also set with the sale of one of the furnished penthouses at nearly £1.8m.
“2016/17 saw the completion of a number of other developments that were snapped up by eager buyers and Elevate Property Group achieved some of the highest prices per square foot at that time.
“These included Birmingham developments Queensway House, St Paul’s House and Honduras Wharf, unique developments of townhouses, apartments and penthouses all in the heart of the city centre."
Elevate now has a contracted pipeline of almost 1,000 new homes which will generate revenues in the region of £250m over the next few years.
Dodd added: “The group has a number of projects in its home city of Birmingham but has also expanded its interests to the Midland cities of Coventry, Nottingham and Derby, in the South West the historical towns and cities of Hereford, Cheltenham and Gloucester and in the South East a large-scale apartment scheme and hotel next to Ashford International railway station in Kent.”
In Birmingham Elevate has secured sites and has plans in preparation for another 250 new homes in Tennant Street, Charlotte Street, Camden Street and Cliveland Street plus School Road in Moseley.
Elevate has also acquired Princes Gate, a 65,000 sq ft office development and multi-storey car park near to the railway station in Solihull where they plan to develop another 160 homes.
Dodd said that with HS2 preparatory work underway and the impact of HSBC retail banking division’s move to the city already being felt, he could not see any let up in demand.
“The Commonwealth Games will also put Birmingham in the spotlight, and if we were chosen by Channel 4 that would be the icing on the cake,” he added.
And he pointed out that if plans announced by Peaky Blinders founder Steven Knight for massive TV and film studios with six sound stages come to fruition in the next two years, Birmingham will become even more of a magnet for creative talent.
“Birmingham is attracting new jobs all the time and Elevate Property Group is building to meet that demand,” he said.
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