Despite a tough year, Urban Splash has seen its commercial property rental yields rise.
Manchester property development group Urban Splash experienced a tough year in 2009, with turnover dropping by one-third to £49.9 million.
The loss was affected by several exceptional costs and write downs that came to £31 million, according to the firm's managing director Tom Bloxham, Crain's Manchester Business reports.
However, there was better news for Urban Splash's commercial property interests, which saw rental income increase by 13 per cent compared with the previous year, while residential letting income also rose.
"Post year-end, we have seen improvements. Sales enquiries are up and we have let a further 47 apartments and additional commercial space across the country," the paper reports Mr Bloxham as saying.
The company's commercial
property investment arm has made an encouraging start to the new year, with nearly 40,000 sq ft of space let across its portfolio in a number of cities, including 3,865 sq ft in Yorkshire to Bradford Bowling College and 6,300 sq ft at the Matchworks in Liverpool.
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