Urban Splash sells off more homes

Urban Splash has sold more of its assets with the disposal of over 100 residential units in Manchester to social landlord Places for People including homes at Will Alsop’s Chips development.

The sale also includes units at schemes designed by Glenn Howells, Union North and Shed KM.

Last summer, Urban Splash was forced to sell over 650 apartments to Places for People for £77 million in order to make inroads into its near £250 million debt pile.

The regeneration specialist said that in the 18 months to September 2013 it inched back into the black with a pre-tax profit of just under £50,000 compared to a £15.4 million loss in the 12 months to March 2012.

Urban Splash founder Tom Bloxham recently admitted the recession “seemed never ending” for his firm which was forced to refinance after its own auditor raised fears its huge debt might force it under.

Bloxham said its deal with Places for People and a separate deal with property firm Pears, which helped it refinance and saw the two enter a joint venture across 35 Urban Splash properties, “has hopefully put the group on a sound platform for future growth as well as finding a solution to the problems associated with the large debt burden”.