The firm involved in the £160million redevelopment of Plymouth’s Millbay docks and creation of a trendy new quarter in Bristol has contributed to its parent company’s £37.1million profit.
Urban regeneration and property development company Muse Developments - which has offices in London, Manchester, Leeds and Glasgow – is currently involved in the huge Quadrant Wharf development at the waterfront in Plymouth where it is building 137 one, two- and three-bedroom apartments and split-level homes at The English Cities Fund’s immense regeneration scheme.
Meanwhile, in Bristol, it is busy at the second phase of the Wapping Wharf development, to create 248 homes within two blocks of residential apartments.
READ MORE: {}
The homes are being delivered through a joint venture between Muse and Umberslade which has secured a £23.4million loan from Homes England towards the scheme.
Muse’s success has contributed to half-year results released by parent company Morgan Sindall Group Plc, the construction and regeneration group.
Morgan Sindall Group has seen operating profit jump 18% to £37.5million, as against a first half 2018 profit of £31.9million, on revenue of £1,421million, up from £1,423million in H1 2018.
South West construction stories
The group reported a secured order book of £4.2billion, up 19% from the year end, with the regeneration and development pipeline now £3.3billion, up 6% from the year end.
With adjusted earnings per share up 15% for the period to 64.2p (HY 2018: 55.6p), and interim dividend up 11% to 21.0p (HY 2018: 19.0p), the group said it is confident of a strong performance for the second half of 2019.
Most Read
Meanwhile, Muse Developments had a strong start to the year, moving forward on 36 regeneration schemes across the 海角视频.
Muse currently has 15 projects on site, with a total construction value of £483million, and is expecting to place a further £825million of construction contracts in 2020.
The company’s order book and forward development pipeline now stands at £2.2billion, with Muse being selected as preferred developer on a further three projects this year with a total gross development value of £350million.
At Quadrant Wharf the first homes are due to be completed in Autumn 2019. The wider Millbay regeneration project is a mix of residential, leisure, business and civic development, with high quality public spaces and direct access to the waterfront. The English Cities Fund is a joint venture between Muse, Legal & General and Homes England.
At Quadrant Wharf, construction firm GallifordTry Partnerships has been hired to deliver the two apartment blocks, named Aqua House and Lye House, and a row of 20 split-level homes called Canola Row.
The new phase sits next to Quadrant Quay, the 102-home block built by Kier for ECF and completed in 2015, and will look similar yet different enough to be distinct, particularly as some of it will be a “rustic bronze colour”.
How to contact William Telford and Business Live
Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
To contact William: Email: william.telford@reachplc.com - Phone: 01752 293116 - Mob: 07584 594052 - Twitter: - LinkedIn: - Facebook:
Stay in touch: BusinessLive newsletters have been re-designed to make them even better. We send morning bulletins straight to your inbox on the latest news, views and opinion in the South West. Get our breaking news alerts and weekly sector reviews too. Sign up now - it's free and it only takes a minute. To sign up for Business Live's daily newsletters click .
And visit the Business Live South West LinkedIn page
Don’t miss
At Wapping Wharf, 163 homes will be offered for private sale and a further 93 have been forward sold to Sovereign Housing Association as shared ownership and build-to-rent properties.
Matt Crompton, managing director at Muse, said: “The first half of 2019 has been positive, with significant progress on many of our key regeneration schemes across the 海角视频. We continue to work closely with our partners to create exceptional new places, creating real value for local authorities, occupiers and communities.
“Some of our highlights include four, complimentary phases underway at Salford Central, a major pre-let and funding deal at Logic Leeds and residential sales in Brixton, Brentford, Tottenham Hale and Stockton-on-Tees.
“There’s much work still to do, but we’re well-positioned for our full year expectations, as construction progresses well on a number of projects and residential sales continue positively across the country.”