A developer that builds upmarket homes in Wirral and Cheshire and generates tens of millions of pounds in revenues is looking to grow by 30% in 2024. Tony McDonough reports
Luxury homes developer Blueoak Estates says it is aiming to grow its business by 30% in 2024 after enjoying similar levels of growth in 2023.
Based in Chester, the firm builds upmarket homes in Wirral and Cheshire. In October the firm started work on a £14m development that will see 32 apartments built on the site of the former West Kirby fire station.
In September 2022 Wirral Council initially turned down the application by Blueoak but the developer was successful in its second attempt earlier this year.
In the summer it began building The Links development, also in West Kirby. It will offer 10, two and three-bedroom apartments offering views across Royal Liverpool Golf course, the Dee Estuary and Welsh Hills.
And in April it released details of Estuary View on Meol’s Parade in Hoylake. This project comprises eight luxury apartments that offer uninterrupted views across the Dee Estuary to North Wales.
Blueoak Estates also continues to deliver on its niche sector focus including the Rightsizer model, sustainable development and conversion of commercial into residential, largely within city or large town centre environments.
It focuses on conversion of often abandoned buildings and repurposing them for modern day use. More than 50% of its schemes to date support the Government’s bid to tackle ‘embodied carbon’, a figure it aims to build further on in the future.
Iain MacLean, managing director of Blueoak Estates explained: “2023 has been a brilliant year for the company.
“We have identified our niche within a busy market place and are focusing on our strengths, creating quality high-end homes that meet the needs of today’s homeowner, while considering future needs in terms of practicality, quality, sustainability and design.”
Blueoak has yet to post its financial figures for 2023. In September it posted its annual accounts on Companies House for the year to December 31, 2022.
They reveal a surge in annual revenues to £28.3m from £21.9m in 2021. There was also a rise in pre-tax profits from £953,000 in 2021 to more than £1.3m in 2022.
During the year it employed 10 people. Directors remuneration totalled more than £505,000 and this was paid via management charges to separate companies under their control.
As well as Iain Maclean, other directors of the business include Peter Johnston, Mark Roberts and Thomas Williams.
The accounts also reveal Blueoak has secured a loan of around £2.6m from Government agency Homes England and raised a further £1m in loans from family members of one of the directors.
“We have been involved in a number of both interesting and unique schemes and are proud of our commitment in driving these forward, contributing positively to the communities and environments in which we operate,” added Iain.
“The prospect of next year is particularly exciting and we are in the development and planning stages of some truly incredible projects, further details of which will be revealed in 2024.”
This year, Blueoak also completed work at Grade II-listed Christleton Hall. It saw the sensitive and painstaking conversion of the iconic 300 hundred-year-old building in Chester.