Property development deals have fuelled soaring profits at Caddick Group, despite losses across its construction arm and Leeds Rhinos stake.
The Wetherby-based operator posted operating profits of £56.7m in the year to the end of August, up from £16.9m the year before. And turnover jumped 28% to £491m. Caddick hailed schemes delivered by its build-to-rent joint venture Moda Living, including the 515 unit New York Square development in Leeds and the 481 unit Mercian development in Birmingham. It also pointed to land sale profits and a forthcoming development profit on the sale of a 300,000 sqft warehouse on its Leeds Valley Park site to an investor.
There was also a land sale of Caddick's 26 acre site in Leyland, on which it expects to complete 544,000 sqft warehouse later this year. Overall, the group said it had a land pipeline capable of delivering 16million sqft of industrial land and 10,000 residential properties.
