Strand Plaza Construction Update: Goodbye to Phil
7th July 2019
Primesite Developments originated as a family run management team, and have developed property since 2001.
Since 2008, the team have entered other sectors including student accommodation, dementia care facilities, commercial office space, retail, leisure, hotel and gold resorts. The current number of units under construction is in excess of 1300.
2015 saw the first successful sale of a Primesite Development project to a corporate fund, and marked the re-entry of the company into predominantly institutional funding along with private equity and corporate forward funding arrangements.
Now with 11 major developments currently under construction or awaiting planning permission, and a further 10 sites secured for future development, Primesite are growing. Fast. This has seen a formal company board structure installed and a departure away from the family-run way that we have now outgrown. Primesite has significant corporate ambition that this structure now compliments.
Primesite Developments has a projected turnover for 2018 of £40m. Find out more about our Managing Director Kerry Tomlinson.
Here at Primesite our philosophy is simple. Work hard for everyone. We think its simple that if we work hard and achieve what we set out to, then everyone will be happy. That’s ALL of our stakeholders. Whether you are a shareholder, buyer, investor, lender, employee, supplier or professional partner, if we make you happy then we have succeeded. And if we have achieved, we have reached all of our commercial goals. And that what we set out to do in the first place. Here is a little more details of how we feel, what we do, and how we do it….
Vision and Values
We aim to be one of the UK's leading property developers. The developer of choice for buyers, investors, lenders and contractors throughout the UK. Primesite Developments have reinvested profits in order to maintain a growing pipelines of premium stock (property). This is reflected in our recent acquisition of Strand Plaza; a £30m development, Herculaneum Quay; a £25m development, and The Rise; a £40m development. This reinvestment not only ensures a constantly performing portfolio, but one that means that we maintain a dedicated investor base that sees no need to look further than us as their supplier of investments, and continues to invest with us as a trusted and performing company.
At the core of Primesite Developments is a new, very disciplined and prudent financial approach. While open to multi-platform sources of funding, the aim is, and has to be, to provide feasible, secure and proven developments that allow for borrowings to reduce in value and in cost.
We have successfully raised entire project requirements through ring-fenced SPV style companies via institutional funding, private equity, corporate forward funding arrangements, and off plan sales. We spread these funding sources and recognise the funding battles Developers face – battles that we have previously faced in previous years since the company’s initial inception in 2001. With any expanding and ambitious organisation, continual recognition of improved ways to structure financial relationships and decisions for the benefit of all parties is critical. With our growth, the appropriate skill and expertise has been secured to our board to identify and manage key relationships with specialist and mainstream lending avenues.
Dynamic Decision Making
Primesite Developments believe in a structured and strategic approach to our business. However, we also retain the entrepreneurial spirit that founded the organisation and remains a fundamental part of our philosophy, ensuring we continue to maximise our commercial opportunities. This means a effective deal-making process that steers the company towards achieving its ambitions whilst in a controlled efficient manner.
Our success is built on our ability to forge strong relationships with our Stakeholders. We take great pride in these relationships and we will continue to work closely with our partners and forge new agreements for the benefit of all. We want to deliver high quality developments but also ensure their aftercare.
Innovation and Creativity
Whether it’s the design of our apartments and care homes or how we allow people to buy them, we believe in the ability to think differently and to continually explore new opportunities. When we set out to design a new project or embark on a new venture, creativity and originality are at the core of our ultimate vision. We do not simply follow the same process each time, we adapt to the specific requirements of the task to create well-conceived ideas leading to commercial success and with the benefit of all our stakeholders in mind. The ‘poshest care home in Britain’ tag that Cleaver Court Care Home received (Daily Mail, Daily Mirror), and the stunning next level specification of Strand Plaza are testament to this. Average is no longer acceptable.
Social and Economic Responsibility
We understand that developers have a reputation for a ‘move in, build, ship out’ business approach, and we can’t claim to be the same. We understand that every project we undertake has an impact. On homes, on streets, on jobs, on people. Not only are we sympathetic to this, we try to help it. Whether we can offer a contribution to the area, or jobs for the people, we do what we can, when we can. Out latest initiative has seen us stipulate that our main contractor must take on at least one local apprentice, with an aim to have that same apprentice retained as a full-time employee of that company by the time the project is complete on EVERY project.
We strive to utilise new technologies that reduce the carbon footprint and increase the recycling policy of a project or development both during construction and once in use by the operators and occupiers. Compliance with regulations and planning authorities is critical and we work with all our partners to ensure that we, and they, take all steps to deliver in line with this philosophy.