City Lofts Group, a regional developer of residential-led schemes, expects to record an 18% rise in turnover in the 12 months to 31 March.
The group, which today provided a trading update for the second half of its financial year, said turnover for the period would reach £57m, compared with £48.3m for the same period a year earlier.
Gross revenues from the sale of flats is also expected to increase, with revenues for the second half reaching £24.9m, compared with £7.7m in the first half of the year.
The group said, despite continuing with development of new flats it had deferred its decision to develop 154 apartments at Discovery Quay in Swansea pending further negotiations with Discovery Properties and the Welsh Development Agency.
However, its £52m development with CTP St James at St Paul’s Square in Sheffield was continuing.
A planning application has now been submitted for 279 apartments in two linked 21- and nine-storey towers, including about 22,300 sq ft of commercial space.
It added that it was currently in discussions with a number of other potential residential development and regeneration projects.
Chief executive Stuart Wright said: “We continue to commit a great deal of time in expanding the future development pipeline and have a number of significant new projects in the final stages of negotiation. However, we are not, at this time, able to announce them.”
References: EGi News 01/04/05
