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
5 Comments
**Hot off the press** - we’ve just received a lovely email of support on this blog from Allsops property consulants:
I just thought I would take the time to send you this quick e-mail to tell you how much I enjoyed reading your letter in the Estates Gazette on 26th September.
It was very refreshing to read your repost. You and your team have done a great job over the last 15-20 years to change the face of parts of the country that sorely needed it and if every developer soley concentrated on the old location, location, location and pure profit scenario then the vast majority of us would all be trying to live in about 20 different postcodes!
I hope more developers take a lead from Urban splash and in the meantime I sincerely hope that The Midland Hotel and all your other schemes continue to inject the positive effects that they undoubtedly have.
Kind regards
Yours sincerely
Michael Linane BSc (Hons) MRICS
More feedback on this here: http://www.facebook.com/home.php?#/pages/Urban-Splash/44610353182
I remember when Tom sold posters from an old building on hulme st, he has become a very successful man in a very competative arena. It seems like its the good old british tradition of slaging people off for doing well.
I think Tom and his little company are doing a fantastic job for themselves and the city of manchester, and any other town or city they get involved with.
All property developers are greedy bastards but at least Urban Splash are trying to do something positive.
kind regards,
Michael Gough(not MBE yet)
Couldn’t agree more, Tom. It’s refreshing to see developers caring about not just places and spaces, but the people in them. Why can’t altruism be viable too?
Sarah Hughes
http://www.giraffecomms.com
Tom,
I feel compelled to make contact following your correspondence on the EG.
TCN are also great believers in breaking with traditions and providing context driven projects. To create inspiring environments for people to live and work derives a value of which p&l is only part.
My reaction to your letter is partly “thank god there are other visionaries in the Market place”, but at the same time, what wonderful opportunities are created by the blinkered views we battle with in the uk on a daily basis.
It takes a lot of energy, but i am sure you agree that the satisfaction of pushing the boundaries is a source of endless satisfaction and opportunity.