U+I adds £1.5bn to development pipeline

Developer U+I has upped its development pipeline by £1.5bn to £6bn after bagging four large public private partnership projects last year.

The regeneration specialist won competitions to lead on the redevelopment of the London Fire Brigade’s former headquarters at 8 Albert Embankment and Camden council’s redevelopment of Holborn Library and the surrounding area in Bloomsbury.

Greenwich council also appointed the firm as part of a joint venture to redevelop the Westminster Industrial Estate near the Thames Barrier.

In addition U+I landed the developement role on the £850m 24-acre redvelopment of Manchester’s Mayfield area adjacent to Piccadilly station.

In its results for the year to February 2017, U+I posted a pre-tax loss of £1.7m, compared to £25.8m profit the previous year.

The firm attributed this loss to a lower level of development during the year, lower trading gains and lower rental income due to property sales, as well as a negative re-valuation of its investments.

The firm also had a writedown of £2.1m for the year in regards to the company’s serviced offices business, which it has decided to sell or close following operating losses.

Commenting on Brexit uncertainty, U+I chief executive Matthew Weiner said: “The decision, last June, to leave the European Union temporarily stalled the UK property market, creating headwinds throughout the summer and beyond.

“Although we have seen little evidence of a permanent impact on prices, we have experienced delays on the realisation of a number of projects as businesses paused to assess the revised environment.

“Looking ahead, even as market conditions remain uncertain, we are confident that we can make significant progress. The need for creative, well-executed regeneration projects is clear.”