Prominent property developer Wykeland recorded a huge growth in profits last year, as a string of major deals boosted business.
Wykeland, a driving force in the transformation of Hull’s Fruit Market area, recorded turnover of £13.3m in the year ending March 31.
Pre-tax profits, including exceptional items, soared to £16.3m – up from £1.2m last year – in what Wykeland described as “a busy and successful” year.
Ian Franks, finance director at Wykeland, said: “These results reflect one of the busiest and most successful years in the company’s history.
“Developments such as Bridgehead and @TheDock continue to go from strength to strength, while our acquisition of a further 100 acres of land has opened up further exciting opportunities for the expansion of our Melton West business park.
“Our joint venture with Beal Homes and Hull City Council to rejuvenate Hull’s Fruit Market waterfront district is delivering one of the North of England’s most significant urban regeneration projects, while our partnership with Hambleton District Council to redevelop the former Northallerton Prison site has secured commitments from Lidl, Iceland and the Everyman cinema group."
2019 has been an extremely busy one for Wykeland.
In the last 12 months, planning permission has been granted for two new buildings to expand Hull’s @TheDock tech campus in the city’s Fruit Market.
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Work on the £12m Aura Innovation Centre, at Wykeland’s Bridgehead Business Park in Hessle, was completed late this year, and work is in the final stages for a luxury Porsche dealership on the same site.
Wykeland also sold Hull’s 500,000 sq.ft Kingston International Business Park to fellow city business Rix in June.
Mr Franks said: “Wykeland’s core portfolio of 1.7m sq ft of office and industrial space remained more than 96 per cent let during the year, with underlying rental income growing by 6.7 per cent year on year.
"Wykeland Group’s net assets stood at £83.6m at the year end, with the core investment portfolio valued at £62.9m, a like-for-like increase of £3.1m on 2018."
Just days ago, Wykeland also announced plans to build a new multi-million base for Humberside Police, at its Melton West Business Park.
The development would house more than 500 staff.
Last month, construction also started on Hull safety equipment supplier Arco’s new headquarters in Hull’s Fruit Market .
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Wykeland employed 25 people during the 2018/19 year.
The developer enjoyed success at the 2019 Hull and Humber Tech Awards in October, where it scooped the Outstanding Contribution Award for its major role in growing Hull’s digital sector.
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