Irish market yields £5m profit for UK property group U&I

Profit related to sale of Charlemont Clinic site, activity at Robswall residential project

 U&I’s annual results show the company made a profit in Ireland of £5 million  last year. Photograph: Rui Vieira/PA Wire

U&I’s annual results show the company made a profit in Ireland of £5 million last year. Photograph: Rui Vieira/PA Wire

 

UK property group U&I made a profit in Ireland of £5 million in the year to the end of February and has forecast a surplus for this year of £4 million from its various projects in Ireland.

The profit last year related to the sale of the Charlemont Clinic site in Dublin 2 and activity at its Robswall residential project in Malahide. The company had originally projected a gain of £10 million but the profit from its development at Percy Place in Dublin was deferred until this year due to a delay in its sale.

Profits this year will be derived from the sale of Percy Place, further activity at Robswall, and the disposal of a small asset on Pembroke Road in Dublin.

Results

This included an interest in the Vertium office building on Burlington Road, which is being developed in partnership with Paddy McKillen, Johnny Ronan and Colony Capital.

U&I’s chief executive Matthew Weiner told The Irish Times that it remains an interested buyer of Irish property, especially as “some of the heat” has come out of the market following €15 billion worth of frenzied buying in commercial property here in 2015.

‘Re-invest’

Will there be acquisitions here this year? “I would very much hope so,” he said. “That frenetic activity [of 2015] we would expect to come off a little bit. Maybe it’s Brexit influence or general election influence but we’re seeing more signs of value [in Ireland] whereas towards the end of last year we didn’t see much value in the market.”

Mr Weiner said its focus in the Dublin market would continue to be on mixed-use schemes, involving offices and residential in the main.

He declined to comment on whether Brexit would be good or bad for his company.