Property firm achieves record results

IM Properties, the Solihull-based property company, has achieved the best results performance in its 35-year history.

Profit before tax for the year-end December 2021 was a record £119m, up from £28m in 2020.

The figures reflect a strong business performance overall with all divisions meeting or exceeding their targets as IM Properties looked to reposition the company 's assets, to focus on growth of its commercial division.

Tim Wooldridge, managing director of IM Properties, said: “It 's a great boost and underlines how everyone pulled together to get deals over the line as we pushed forward with significant investment during the pandemic to ensure we could deliver ambitious new sustainable schemes such as Mercia Park and Peddimore. ”

Some of IM Properties ' big projects include Mercia Park at junction 11 of the M42, which has delivered 2.94 million sq ft for Jaguar Land Rover, and Peddimore in Birmingham, which is set to deliver 2.7 million sq ft.

Wooldridge continued: “Cash generated from our core investment portfolio has been used to build a significant commercial landbank capable of supplying the market with 20 million sq ft of manufacturing and logistics space.

“Our focus on large scale development which deliver medium to long term returns enables us to work strategically with occupiers to meet their requirements.

“The nature of large-scale development will always mean, however, that results will fluctuate according to the lifecycle of schemes, although we have consistently achieved above industry averages on total returns on capital. ”

Pictured: The Peddimore site in Birmingham which is being developed by IM Properties