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Newcastle's Metnor Group Reports Rise in Profits

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Newcastle based Metnor Group has reported an increase in turnover of 14% to £57.4m for the year ending December 31st 2015. The company also reported a jump in operating profits from £10m to £11.1m.

The property specialists have been involved with some of Newcastle's most prominent developments in recent years. Over the past 12 months the company completed the sale of a portfolio of student accommodation properties in Shieldfield, which it originally bought nine years earlier before developing.

The sale, which went to a Singapore property developer for £40m, helped Mentor pay down debt and acquire a new set of investment properties.

The sale included a 275-bed and 338-bed set of student accommodation blocks and land with planning permission already granted for further development.