Profits are up at group leading South Shields 365 revamp

The firm leading the way in the £100million regeneration of South Shields town centre has revealed its parenting company's operating profit was up 34%.

Thursday, 3rd March 2016, 12:00 pm
Updated Thursday, 3rd March 2016, 12:06 pm
A new transport interchange is a key part of the South Shields 365 development.

Morgan Sindall Group Plc – the parent company of Muse Developments – has released its preliminary results for the year end December 31, 2015.

It showed adjusted operating profit rose from £28.9million in 2014 to £38.8million, while revenues increased by 7% from £2,220m to £2,385million.

During 2015, the national developer and regeneration specialist – which has offices in London, Manchester, Glasgow and Leeds – moved forward on 24 projects with a total construction value of £422million.

Sign up to our daily newsletter

The i newsletter cut through the noise

The construction and regeneration group. also maintained a healthy order book and development pipeline, which now stands at £2.2billion.

In South Shields, construction started on the first phase of South Shields 365, Muse’s £100million regeneration scheme in the town centre.

Planning permission for a new transport interchange, which forms part of the next phase, was also secured in November.

The first phase will include a new library and digital media centre called The Word, a 40-space car park and improvements to the adjoining Market Place.

The South Shields 365 plan proposes a radical town centre redevelopment with a new retail quarter in the Fowler Street West area.

The scheme will create 175,000 sq ft of retail and leisure facilities including a food store and a hotel.

David Wells, regional director for Yorkshire, the North East and East Midlands at Muse Developments, said: “2015 was a positive year for Muse across the region, as well as throughout the UK.

“We’ve continued to work closely with our partners, particularly in the public sector, to deliver high-quality, sustainable and pioneering mixed-use regeneration schemes.”