I recently read an article about Urban Splash in the property trade magazine Estates Gazette (pictured) and felt compelled to respond. Below is my letter which was published in the magazine:

Dear Sirs,

I was pleased to see Mr Alastair Stewart’s comments on Urban Splash’s financial results in Estates Gazette on 12th September 2009. As a private company, we choose to be very open and publish our figures, and he is one of the few analysts that have taken time to comment.

Mr Stewart correctly points out that Urban Splash has not been immune from the crisis all around us (but I feel we have weathered the storm better than some). Where we differ is Mr Stewart’s assertion that we are going horribly wrong by not following the property market’s guiding precept: location, location, location. In this he is right, I believe, if you simply buy in the best locations you will succeed or fail as the market rises or falls. However, what we try and do is help locations improve, and in doing so improve the value of our assets.

He points to our restoration of the Midland Hotel in Morecambe, which he notes in the 2003 bestseller book of Crap Towns (I like your reading list Alistair!) Morecambe came third, and doubts we can make a difference. I hope he is wrong.

Fifteen years ago people doubted we could persuade people to live in Manchester or Liverpool city centres; ten years ago people doubted we could transform Manningham Mills in Bradford; five years ago people doubted we could make a success of our Salford Victorian terraces or Fort Dunlop in Birmingham. The point of these examples is not that we are always right (we’re not!), but just that it’s worth a go.

I believe those of us privileged enough to work in the property industry have a duty not only to make profits, but also to try and make a difference. Our buildings will last longer than we do and I want them to make a positive impact on our towns and cities and that is what drives us at Urban Splash.

Best regards,

Tom Bloxham MBE
Chairman
Urban Splash