Muse Developments assists parent group Morgan Sindallís results
Tuesday 21st February 2012
Urban regeneration and property development company Muse Developments has contributed to a resilient set of preliminary results for the year ended 31 December 2011, released today (21 February 2012) by parent regeneration and construction company Morgan Sindall Group plc.
Against a backdrop of challenging trading conditions Morgan Sindall Group delivered a resilient performance in 2011. Profit before tax, amortisation and non-recurring items was £45.3 million (2010: £51.3 million) with revenue up six per cent at £2,227 million (2010: £2,102 million). Adjusted earnings per share were 82.5p (2010: 92.9p), with no change to the total dividend which remains at 42.0p (2010: 42.0p). The Group’s forward order book currently stands at £3.4 billion (2010: £3.6 billion) with a growing regeneration pipeline of £1.8 billion (2010: £1.4 billion), and a further £0.6 billion of regeneration schemes at preferred developer stage.
During 2011 the national developer, which has offices in Glasgow, Manchester, Leeds and London, benefited from its strong track record, sector spread and a healthy development pipeline which now stands at £1.6 billion, with a further £0.6 billion of schemes at preferred bidder stage. Muse also added to its attractive long-term UK portfolio with a number of new high profile schemes across the UK.
Key projects included:
London and the South East
In Canning Town, London, English Cities Fund (ECf), a joint venture partnership between Muse, Legal & General Property and the Homes & Communities Agency (HCA), continues to work apace on the £180 million Rathbone Market scheme which will provide 651 private and affordable homes, new retail and leisure amenities, and a revitalised local market. The first phase will deliver 20,000 sq ft of retail space as well as 271 residential units and is due to complete this summer.
Muse was recently named as Basingstoke and Deane Borough Council’s regeneration partner for a £200 million regeneration project in the town’s Basing View area. The company will work with the council to develop in excess of 700,000 sq ft on various council-owned land parcels within Basing View amounting to over 15 acres. The scheme will include a mix of new office space, a business class hotel and other supporting facilities.
In Swindon, Muse has secured outline planning consent for a £350 million mixed-use scheme in the town centre, providing 1.6 million sq ft of high quality office space, new homes and a modern bus station. It will also help to regenerate the town’s leisure facilities, creating new shops, restaurants, cafés and a hotel. The first phase, comprising of a multi-storey car park and assisted living residential units is due to start in late spring following the approval of plans to progress the scheme last month (January).
Through ECf, Muse is carrying out the £160 million Plymouth Millbay regeneration in conjunction with the HCA and Plymouth City Council to transform a 15-acre harbour-side area into a vibrant new waterfront community. All of the award-winning apartments created as part of the first phase, Cargo, have been sold, while the second phase - which will see the creation of 14 houses and 34 apartments - has secured detailed planning permission and work is due to commence later on this year. Terms have been agreed for Sutton Harbour Group to build and operate a new 190-berth marina at the heart of the scheme.
Muse has been selected by Warrington Borough Council as development partner for the £130 million Bridge Street Quarter regeneration scheme in Warrington town centre. One of the largest projects of its kind in the region, it will provide new shops, restaurants, a gym, cinema, indoor market, cultural centre, hotel and council offices. Construction is expected to begin in 2013.
Muse is working in partnership with Blackpool Council to deliver the £220 million Talbot Gateway scheme which will create new retail, commercial, community and residential space in addition to town centre parking and transport facilities. The scheme will also include a new public square, council offices, a new supermarket which has been pre-sold to Sainsbury’s, two hotels and a multi-screen cinema. Planning consent has been granted and a pre-sale agreement signed with the council for the office and multi-storey parking facilities.
In Liverpool, again through English Cities Fund, Muse completed the third and final phase of a mixed-use development at St Paul’s Square in Liverpool. The £32 million Number 4 St Paul’s Square provides 109,000 sq ft of BREEAM ‘Excellent’ Grade A office space in Liverpool’s new Central Business District.
Yorkshire & North East
In Wakefield city centre, through ECf, three office occupiers totalling 30,000 sq ft were secured for the first phase of the multi-million pound residential and commercial development at Merchant Gate. The second phase, comprising 150,000 sq ft of new civic offices for Wakefield Metropolitan District Council, was also completed in December 2011.
On the banks of the River Tees, Muse is working alongside sister company Lovell to deliver 50 residential units in the first phase of the £300 million Northshore mixed-use regeneration scheme. The riverside housing development will see its first completions next month (March).
At the 100-acre Logic Leeds strategic employment site in the Aire Valley, Enterprise Zone status has been secured for a £110 million, 1.4 million sq ft distribution site adjacent to the new East Leeds Link Road and close to Junction 45 of the M1. The site is planned for B2 and B8 uses with primary infrastructure work expected to start early this year.
Muse is working on the £300 million transformation of Doncaster town centre. Development is under way on the first phase which includes a 188,000 sq ft council office building, a state-of the-art performance venue, new public square and additional public realm, town centre homes and a refurbished 850-space multi-storey car park. Work is expected to be completed by early 2013.
Planning consent was secured for the redevelopment of the former St Andrew’s College campus in Bearsden, Glasgow. In partnership with Miller Homes, Muse will deliver a £30 million scheme comprising 63 family homes, 12 apartments for private sale and 32 affordable apartments. Muse sold a section of the site to Bupa where a new 64-bed specialist care home is now under construction. The overall scheme has been carefully masterplanned to sit alongside the new, Morgan Sindall-built, Bearsden Academy.
In Lanarkshire, Muse completed and pre-sold its most recent phase of development with the delivery of five new distribution units at the 650-acre Eurocentral business park. The investment of £33 million in these latest units brings the company’s total investment at Eurocentral since 1995 to £146.9 million. In what is understood to be the first major industrial property deal north of the Scottish border for six months, the Stobart Group, parent company of Eddie Stobart Ltd, this month agreed a deal to take occupation of Eurocentral’s 67,689 sq ft ‘Pinnacle’ building.
“While conditions in the property market remain challenging we are delighted with the progress we have made this year,” says Nigel Franklin, joint managing director of Muse Developments. “We are actively building new offices, homes and retail and leisure facilities across the UK. This is an endorsement of our business model which provides both geographic and sector spread through a focus on truly mixed-use development. Muse has also been successful in securing a number of major new projects which will provide the foundation for continued growth of the business moving forward.”
- Muse appoints JLL at One Smithfield Square
- Major Step for Lewisham Gateway as Planning is agreed
- Planning submitted for New Bailey Hotel
- Work begins at Stockport scheme
- Muse Appointed for Aberdeen Scheme
- Millbay in Top 50 Regeneration Projects in the UK
- Wakefield One Wins
- Muse and Stockport Council complete forward funding deal with Canada Life
- Work set to begin at Chapel Street
- CBRE relocates to No 4 St Paulís Square
- Work under way for next phase at Millbay
- Work begins on latest phase of award-winning scheme
- Muse reveals start date for Chester business quarter
- Stage One completion marks latest milestone in £55m redevelopment project
- Muse Developments helps Morgan Sindallís results
- Basing View Development Agreements signed
- New development makes headway
- Ceremony marks completion of Rathbone Market's first phase
- Lewisham Gateway first phase plans unveiled
- Green light for Sovereign Street, Leeds
- Muse increases shares in Isis
- Stapletons selects Eurocentral to focus on Scottish growth
- Development agreement is next step for Stockportís new office quarter
- Doncasterís flagship civic offices reach completion
- Muse gets go-ahead for second phase at Northshore
- Breaking new ground in Blackpool
- English Cities Fund unveils Salford plans
- Planning consent for Chatham Place phase 2
- Planning application for Sovereign Street, Leeds
- Doncasterís new venue is the tops
- Plans for Salford regeneration site unveiled
- Muse joins CL:AIRE
- Green light for latest phase of award-winning Smithfield development
- No.4 St Paulís Square wins prestigious award
- ECf completes lease agreement with Sutton Harbour Holdings
- Muse Developments helps parent group Morgan Sindallís results
- Muse strengthens team with three new appointments
- Muse strengthens its position in Scotland
- Planning Consent for Rathbone Market Phase 2
- New 60,000 sq ft office building for KPMG
- Doncasterís new public square officially opened
- Imposing sculpture ĎDanumí lifted into new square
- Colourful statement made in Doncasterís Civic and Cultural Quarter
- Six schemes climb list of UKís Top 100 projects
- Vivo leads the way in sustainability
- Muse achieves top marks for sustainability
- Reading planning application submitted
- Muse supports Salford school
- New public square honours rail engineer
- BCO award for No.4 St Paul's Square
- FizzyLiving acquires second residential tower at Canning Town
- Muse selected by Rolls-Royce for Hucknall Site
- New homes unveiled at Northshore
- Santander signs at No.4 St Paul's Square
- ECf hands over keys to Vermilionís first completed units
- Cheadle Royal green travel initiative rolls on
- Cargo 2 is the next phase of development for Millbay
- Plans for Amenity Building are given the green light
- ECf seek planning For Canning Townís Rathbone Market Phase 2
- CPO Outcome for Salford Central
- Demolition makes way for Grand Central development
- Local residents welcome designs for the final phase at Chatham Place
- Muse Developments assists parent group Morgan Sindallís results
- Stobart Group heads to Eurocentral
- First phase at Union Square is given the go-ahead
- Muse delivers latest phase at Eurocentral
- Muse selected as preferred development partner for Stockport
- Plans for Amenity Building are given the green light
- Union Square gets outline planning consent
- Foodstore Operator Announced for Blackpoolís CBD
- New Homes Take Shape at Northshore
- Muse named as partner for major re-development in Basingstoke
- Warrington on the verge of extensive regeneration
- Breaking new ground in Doncaster
- Plans unveiled for new King Point Marina
- Smithfield scheme is voted the best in the UK
- Muse submits its plans to transform Blackpool
- Muse loves Manchester!
- Site acquired for new business quarter in Chester
- Muse helps parent Group results
- Final phase opens at St Paul's Square
- Muse secures £130m Warrington scheme
- Muse given green light at Bearsden
- Swindon's renaissance moves a step closer
- Development agreement extended to 2013
- Jobs boost for Larkhall
- Contracts exchanged on 103 new homes at Rathbone Market
- Five schemes make the regeneration list
- Groundbreaking ceremony at Northshore
- Further development at Doncaster Waterdale
- Northshore scheme is ready to go
- Residential JV with Miller Homes
- English Cities Fund celebrates the New Year with four industry awards
- Meet the buyer event offers opportunities to local companies
- Groundbreaking ceremony marks beginning of new era for Doncaster
- Northern Quarter wins ĎBest Neighbourhood in Britainí award
- 100% waste recycling at St Paulís Square
- Upturn in lettings at Salford Quays
- Cargo among Ďbest of the bestí in top UK awards
- Double award for ECf
- Muse completes speculative build at Eurocentral
- South Rings starts next phase of development
- Number 4 St Paulís Square is crowned green
- London team expands
- Muse Developments strengthens focus on Scotland with establishment of dedicated team
- Muse secures £300m Doncaster development
- Leisure operators open at Chatham Place
- First phase opens at Merchant Gate
- Muse Developments' Performance Helps Parent Group's Solid Results
- Muse recruits its first communications manager
- New appointments at Leeds office