Property specialist announces surge in profits

Hadrian's Tower

Property specialist announces surge in profits

North East based The High Street Group has posted profits of more than £26m for its first year of trading as a combined entity of companies.

Established as a holding company for 45 existing businesses - specialising in property investment and development, financial services and claims - it made £26,020,652 in 2016.

Operations include established brands such as All Saints Living, All Saints Construction, High Street Boutique Finance and High Street Claims.

Group chairman Gary Forrest said: “We are delighted with performance over this first full year of operation.  Our property development and land acquisition strategy is really starting to show hugely encouraging results.

“We have a significant pipeline of private rented sector (PRS) schemes – many of which are reaching the construction stage - with a current gross development value (GDV) in excess of £260m, whilst our traditional housebuilding model has a GDV in excess of £70m and a substantial number of exciting planned projects.  

“I am also delighted to announce that we have agreed terms to create a partnership with one of the UK’s largest freehold owners to carry out a series of innovative rooftop developments in major UK cities.

“Our hotel brand, Hotel 52, has acquired two sites and we are looking to grow and develop a further 15 to 20 hotels, predominantly in the North of England, over the next two to three years.”

Recently announced PRS projects include Hadrian’s Tower, which will be Newcastle’s tallest building, at 82 meters.  The 26-storey structure - in Rutherford Street, off St James’ Boulevard – will change the city skyline and provide 162 private rented, one and two bedroomed apartments for up to 456 people. 

Another prestigious development involves the creation of 14 executive homes within the walled gardens of the 18th Century Brandling Estate, adjacent to Newcastle Racecourse.

The High Street Group and its subsidiary companies are based in Cuthbert House, Newcastle.  Gary Forrest set up his first company in 2004 and has become a successful entrepreneur, as the business has become a leading financial and property group, employing over 100 people.