by Jane Roberts
Highcross Group is returning to development in a joint venture with Parlison Properties.
Peter Gubb, Highcross’s MD, said the company wanted to resume development after concentrating on investment for five years.
Berkshire-based Highcross, backed by Cray Electronics millionaire Sir Peter Michael, made pretax profits of £4m in the first half of 1997 on the back of £30m-worth of property sales in Scotland in the past year. It wants to put £10m-£20m into development projects.
Parlison director Andrew McParland said the joint venture could buy sites without seeking external funding: “It will be able to perform quickly and with certainty.”
Highcross had 70 staff at the peak of the last boom, but cut back to five. Gubb said: “We feel the development market is there and, to get going quickly, we decided to link up with Parlison who are in the market.”
Michael Megan, Highcross’s finance director, will join Gubb, McParland and Parlison director Jeremy Aitchison on the board of Parlison Highcross Developments. Nick Duffield has joined Parlison from Mason Drage to work on joint projects. De Morgan introduced the parties.
Parlison, which specialises in out-of-town developments, will continue to work on other projects including retail schemes in Gateshead, Poole, Irvine and Edinburgh; the Beddington Cross industrial development in Croydon; and the 36.5ha (90 acre) A1/M1 Link scheme in Northants.
