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Profit increases predicted for S Harrison Developments
SIGNIFICANT profit increases have been predicted at a York development firm following the sale of two schemes and the completion of the first phase of another.
S Harrison Developments has extended its cash reserves by nearly £18 million to invest in new opportunities for 2014 and beyond. Group managing director Ann Scott forecasts a profit rise of £1.7 million for the year.
Pre-tax profits for 2013 look set to top £3 million, compared with £1.3 million in 2012 following the handover of a new multi-storey car park for Lichfield District Council, and the completion of new homes for the elderly for Bromford Group in Lichfield.
Meanwhile cash reserves at the turn of the year are expected to be around £14 million, up from a deficit of £3.96 million in 2012.
Reserves are set to be boosted further by the sale of the 258-bed St John Central student halls of residence in Hungate to York St John University in a deal signed in November.
The build takes the total number of student units provided by Harrison to the university to more than 750.
In November, S Harrison also completed the sale of The Press offices site, in Walmgate, to independent student accommodation provider Student Castle.
This year S Harrison successfully won planning approval to provide 648 student units on the site with a design which also provides purpose-designed offices for The Press.
Student Castle chief executive Edward Cade estimates the scheme will be valued at £35 million once completed.
He said: “Right across the Harrison team they have proved excellent people to work with.
“Following our acquisition of The Press offices site, we will continue to work with Harrison on the delivery of the new newspaper offices.
“We plan to start work on site immediately and aim to open for business in York in 2015.”
Ms Scott said: “These schemes demonstrate exactly what we do best. We have taken city-centre sites, each with a difficult history, and delivered high-quality outcomes which work for everyone concerned.
“We are continually on the look-out for other stalled or challenging sites across the UK where we can bring our design, planning and development expertise to bear, and make a real difference.”
During 2013 Harrison has won praise for its award-winning West Offices development, which now provides the £32 million headquarters and customer centre for City of York Council.
Harrison also recently announced the start of work on a new Premier Inn hotel in Lichfield.
The company, which is based at The Chocolate Works at Bishopthorpe, expects to announce its full results for 2013 in spring 2014.
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