Liverpool-based Vermont Property Group have confirmed another positive year for the Group in 2023, despite the challenging marketplace.
It comes as the business forecasts a significant increase in revenues for 2024, in contrast to the construction sector forecasts showing output falling in 2023, and remaining flat across 2024.
Mark Connor, Founder and CEO of Vermont, said: “2023 has been a strong year for Vermont. There is no doubt that political and economic uncertainty has influenced the marketplace, providing inflationary pressure on construction costs across the supply chain on all current developments.
Despite these challenges the team started 2023 with strong momentum. In February, works on Liverpool Waters for X1 Developments commenced following an agreement with Starlight Investments to fund and operate the impressive waterfront development.
Starlight Investments also agreed a deal for the initial phase of Michigan Avenue in Salford. Works commenced on site in March 2023. Those deals agreed with Starlight Investments, will contribute over £120 million in revenues over the next few years.
Building on this success, Vermont also commenced work on site at the redevelopment of Farnworth Town Centre with Capital & Centric to provide a range of residential accommodation, including high quality commercial and retail space.
In addition, and as part of its successful partnership with X1 Developments, Vermont also completed Tower 3 at Media City in Q2, 2023, marking the completion of a further 275 apartments at the development.
Vermont expect to commence the remaining Tower 4 at Media City in Q2, 2024 which will see the completion of over 1,100 residential units and 20,000 ft2 of commercial space in total across the wider Media City development.
In the final quarter of 2023, Vermont also completed a third block at X1 Developments Manchester Waters scheme, comprising a further 190 luxury apartments successfully completed by the Vermont team.
Connor added: “Whilst the sector continues to wrestle with increased costs driven by the recent inflationary cycle and significant regulatory changes, we do see a continuing appetite within the residential market across major North West cities for good quality BTR projects.”
“Thanks to the efforts of the team we’ve been able to build a fantastic pipeline beyond 2023, which we will begin to see reflected in our numbers for 2024. We have an extremely strong pipeline with a number of new projects commencing next year, including some transformational developments between Manchester and Liverpool coming out of the ground.”
Connor concluded: “The future is looking extremely bright and the business is in very good shape going into 2024”.