Property developer to continue investments across UK and US following profit boost

Privately-owned investor developer, IM Properties, is continuing to invest significantly in its future development pipeline across both the UK and US, underpinned by a robust balance sheet.

IM Properties reported turnover of £175.5 million for the year ending December 2025, up from £129.3 million in 2024, with a profit before tax of £5.5 million.

Adjusted for interest on shareholder and related company loans, the business delivered an adjusted return of £8.2 million before tax.

Kevin Ashfield, (pictured) the recently appointed managing director and UK development director of IM Properties, said: “During 2025, significant capital continued to be deployed into projects expected to generate stronger returns over the medium and longer term, including major development opportunities in the UK alongside continued investment in our growing US portfolio.”

In the US, IM Properties’ IM Kensington Developments joint venture is now progressing ten live projects across Illinois, Colorado and Arizona with a combined gross development value in excess of $875 million, alongside continued investment in its flagship mixed-use development at Brookfield, Wisconsin.

At year end, IM Properties had net assets of £538 million, up from £508 million in 2024, with cash deposits of approximately £58 million and total liquidity of around £100 million through cash and available banking facilities.

Ashfield continued: “Schemes of the scale we are delivering and currently have in planning require substantial investment over several years before value and profit are ultimately realised, which inevitably creates peaks and troughs in reported annual results.

“This includes our proposed £343 million future-facing employment park in North Warwickshire, Thrive, which could support up to 6,000 jobs across advanced manufacturing, R&D and logistics which is currently awaiting determination by government.

“We are able to manage these fluctuations through our strong balance sheet, and a core investment portfolio which generates the cash to allow us to continue investing through the cycle.”

IM Properties’ UK investment division completed the sale of two properties for a combined £13 million – 10 per cent ahead of book value – while acquiring two assets generating £1.5 million of annual income at an average net yield of 8%.

It also completed 12 new lettings, adding a further £0.8 million of annual income, with all new lettings secured on green leases.

Ashfield said: “For a privately-owned business, with the ability to commit significant capital internationally as well as at home demonstrates the scale and resilience of the business we have created.”

In the UK, IM Properties progressed planning applications for more than four million sq ft of development during 2025.

Planning has been secured for Phase 2 of Mercia Park, representing approximately one million sq ft of industrial development, while applications are being progressed for Toddington Park and Wythall Green, together representing more than two million sq ft of commercial development.

Infrastructure works have also commenced at the £143 million, 65-acre Stratford 46, alongside work to secure further strategic land capable of accommodating approximately 10 million sq ft of commercial-led development.

If secured, this additional land would increase IM Properties' land bank to approximately 2,000 acres, capable of delivering around 20 million sq ft of property with a gross development value in the region of £3 billion.

IM Properties' housebuilding division, Spitfire Homes, increased profit before tax to £6.6 million, compared with £3.3 million in 2024, while retaining its five-star Home Builders Federation rating.