Fylde housing developer £450,000 profits

The start of work at Moss House RoadThe start of work at Moss House Road
The start of work at Moss House Road
A Fylde coast housing developer currently building 422 houses in Marton has seen its profits double.

Kensington Developments based at Park View Road, Lytham, reported pre-tax profits of £453,062 for the year ended August 31, 2016 up from £199,140 the previous year.

The firm saw turnover fall slightly from £9,075,072 the previous year to £8,930,547.

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Kensington is currently involved in the construction of 422 homes at Moss House Road.

It had originally aimed to build 579 on the land but part of the land has gone to United Utilites for drainage works.

It will comprise 104 two-bedroomed homes, 190 with three bedrooms,126 with four bedrooms and two with five bedrooms.

The firm is also marketing the last few properties at its Magnolia Point development off Midgeland ROad in Marton. There is built 83 homes.

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In June 2015 the firm secured a £14m loan facility from Royal Bank of Scotland to support its house building plans when it had a land bank of some 1,500 properties across the Fylde Coast.

At the time David Tingle, finance director at Kensington Developments, said: “This development on the Fylde coast will provide much-needed family housing and create jobs in the construction and services sector across the Fylde.

“We have a strong working relationship with the Royal Bank of Scotland which continues to provide funding solutions to meet our business aspirations.”

Kensington also had developments at Lytham Quays” on the Ribble Estuary which featured 260 homes including nine villas on the Estuary front, Hastings Point Lytham and “Cypress Point” which featured 580 homes and includes extensive landscaping including Japanese Gardens and lakes.