Muse Developments, Stockport Council’s delivery partner on its flagship Stockport Exchange regeneration project, has contributed positively to half-year results posted by its parent company, Morgan Sindall Group plc.
Throughout the first half of 2021, town centre repurposing experts, Muse, continued to deliver its unique brand of urban regeneration through collaborative partnerships. The urban regeneration specialists have contributed to Morgan Sindall Group reporting record results for the first half of 2021. Compared to pre-pandemic figures in the first six months of 2019, revenue was up 10% to £1,559 million (HY 2019: £1,421 million) with adjusted operating profit of £54.8 million (HY 2019: £37.5 million), up 46%, with the group now well positioned for future growth beyond the Covid-19 pandemic. Muse’s order book and forward development pipeline now stands at £2.8 billion.
Matt Crompton, managing director at Muse, said:
“Following the unprecedented challenges of 2020, our colleagues have continued to work diligently and flexibly to deliver place-changing developments, win new work and make positive progress, notwithstanding the pandemic’s impact on the industry.
“We remain in a strong position, with an extremely healthy forward pipeline and expanding teams across the UK. We continue to work collaboratively with our partners to repurpose under-utilised urban areas, breathing new life into them to drive economic growth, social prosperity and opportunities for local communities.
“We continue 2021 working closely with our partners to regenerate our towns and cities, leading the way on sustainable, innovative and purposeful developments that will improve places, lives and communities for the future.”
Muse Developments, working in partnership with Stockport Council, has submitted for reserved matters planning to accelerate the delivery of the fourth phase at Stockport Exchange – one of the Greater Manchester’s most connected and accessible business hubs. £4.2 million funding has been secured from the government’s Getting Building Fund through Greater Manchester Combined Authority, to unlock the site and bring forward the next phase of the scheme, which includes 64,000 sq ft Grade A office building and a 400-space multi-storey car park. The wider £145 million Stockport Exchange transformation sits as part of the Council’s visionary Mayoral Development Corporation and centrally to its £1bn town centre regeneration programme.
In addition to Stockport Exchange, the company is also involved in a number of other high profile regeneration projects and commercial schemes across the North West.
A number of other commercial schemes in Greater Manchester achieved major milestones. HMRC’s new 157,000 sq ft regional hub, Three New Bailey at Salford Central completed this year, and construction also commenced on the architecturally-striking 175,000 sq ft, Four New Bailey, which is pre-let in its entirety to telecommunications-giant, BT.