Luxury Wirral and Cheshire homes developer Blueoak Estates maintains healthy profit margin, despite much lower revenues, and hails ‘extremely healthy’ £85m forward pipeline. Tony McDonough reports
Luxury homes developer Blueoak Estates says its forward pipeline is “extremely healthy” with a gross development value of £85m.
Blueoak Estates, which is based in Chester, specialises in creating luxury homes developments across Wirral and Cheshire. It has just posted its annual accounts on Companies House for the 12 months to December 31, 2024.
They reveal a big fall in annual revenues to £16.2m, much lower than the £29.3m reported for 2023. However director Mark Roberts pointed out revenues for developers can be variable and are dictated by cut-off points for individual schemes.
And the accounts show the company has maintained a healthy margin with pre-tax profits for the year of just over £1m, down from £1.29m in the previous year.
In June Blueoak unveiled its latest Wirral project, the Links, which comprises 10 apartments on Meols Drive in Hoylake offering views across the Dee Estuary and Liverpool Bay. Prices start at £820,000 and the scheme was designed by Liverpool architects Falconer Chester Hall.
Each apartment offers lift access, private terrace or balcony and allocated parking, while interiors are entirely individual in design, layout and finish.
In May Blueoak unveiled phase two of its £14m apartments scheme on the site of the former West Kirby fire station. Phase one, called Station House and comprising 18 apartments, is already complete.
Phase two, called Brigade House, offers 14 one, two and three-bedroom apartments, including two penthouses. The company is also converting two 1970s former bank buildings in Chester city centre into 176 apartments, in a £38m project.
Mark said in the annual report: “Business has continued to progress in line with the business plan through to December 2024 and the directors are satisfied with the financial performance reported in these financial statements.
“Despite continuing challenges in the macro economic environment, and a lower revenue base than in the previous year, profitability for the financial year has been maintained.”
On the pipeline, he added: “During the year the management team has harvested and secured a substantial and valuable number of pipeline projects for the coming years… the medium to long-term pipeline for the business is extremely healthy.”