Make profits, yes, but make a difference too
I was pleased to see Alastair Stewart’s comments on Urban Splash’s financial results (EG, 12 September, p51). As a private company, we choose to be very open and publish our figures, and he is one of the few analysts to have taken time to comment.
Mr Stewart correctly points out that Urban Splash has not been immune to the crisis around us, though I feel that we have weathered the storm better than some.
Where we differ is in Mr Stewart’s assertion that we are going horribly wrong by not following the property market’s guiding precept: location, location, location. In this, he is right; I believe that if you simply buy in the best locations you will succeed or fail as the market rises or falls. What we try to do is to help locations improve, and in doing so improve the value of our assets.
He points to our restoration of the Midland Hotel in Morecambe, noting that, in the 2003 bestselling book Crap Towns (I like your reading list, Alastair!), Morecambe came third. He doubts we can make a difference; I hope he is wrong.
Fifteen years ago, people doubted we could persuade people to live in Manchester or Liverpool city centres; 10 years ago, people doubted we could transform Manningham Mills in Bradford; five years ago, people doubted we could make a success of our Salford Victorian terraces or Fort Dunlop in Birmingham. The point of these examples is not that we are always right (we’re not!), just that it’s worth a go.
I believe that those of us privileged to work in the property industry have a duty not only to make profits, but to try to make a difference. Our buildings will last longer than we do, and I want them to have a positive effect on our towns and cities. That is what drives us at Urban Splash.
Tom Bloxham, chairman, Urban Splash, Timber Wharf, 16-22 Worsley Street, Castlefield, Manchester M15 4LD
