St Modwen Properties today revealed that it was witnessing high levels of demand for refurbished industrial properties in Yorkshire, as the market grows stronger.
St Modwen also revealed that it had secured a 91 per cent increase in profit before tax to £258.4m in the year ended November 30.
Property profits rose by 31 per cent to £67.4m, and the total dividend for the year increased by 25 per cent to 5.75p per share.
St Modwen said that the commercial property development pipeline is continuing to deliver a strong flow of profits.
Richard Bannister, St Modwen’s Yorkshire and the North East regional director, said: “As a sign of the growing strength of the region’s property market we continue to increase our commercial development pipeline.
“We recently received planning consent for two new developments in Doncaster, including 250,000 sq ft of new warehouse and commercial space at Parkside Business Park, which will begin construction in early 2016.”
Mr Bannister stressed that St Modwen was making a long-term commitment to Doncaster, and it was also helping to create jobs.
He added: “Our ongoing work to regenerate Waterdale Shopping Centre (in Doncaster) has led to an upturn in occupier demand, with growing interest from independent, local retailers.
“Our plans to revitalise the centre include the delivery of 22,000 sq ft of improved and modern retail, leisure and office space, designed to attract more investment to the town and create jobs for local people.
“In addition, we expect to complete the final phase of development at Crompton Retail Park in 2016, including a new 10,000 sq ft Farmfoods store.”
Mr Bannister said that demand for high quality, refurbished industrial units remained high across the region.
St Modwen now has full occupancy at the majority of its industrial sites, including Firth Road, in Lincoln and the Sandbeds Trading Estate in Ossett, West Yorkshire.
Mr Bannister added: “We have also seen a significant rise in footfall in Billingham Town Centre, where we have succeeded in bringing in new retailers.”