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IM Properties continues to outperform the real estate market despite economic and political uncertainty in 2016, driving its global turnover up by £14m to £178m during 2016, achieving pre-tax profits of £58m.

The Coleshill-based company, is one of the UK’s largest privately owned property companies and specialises in investment, management and development, with a diverse range of assets across the UK, in Germany and the USA.

Cash reserves of £87m, mainly generated from property sales secured during an exceptional 2015, has given IMP the liquidity and fire power to invest in projects that offer a higher return in the medium to long term, with a focus on its development divisions.

Establishing a strong pipeline for the future, value of property under construction and stock and work in progress increased by £91m to £279m.

Tim Wooldridge, IMP’s managing director said: “We’ve strengthened our in-house project delivery team, so we are able not only to invest in, but deliver highly complex commercial and residential projects. 55 Colmore Row in Birmingham was a prime example of this in 2016, which saw a Grade II listed building completely remodeled bar its facade to deliver 160,000 sq ft of prime, Grade A commercial space in the city centre”.

“Our residential division too, Spitfire Bespoke Homes, which focuses on bespoke homes in prime locations enjoyed rapid expansion, with turnover increasing by 101% to £53m. We see this as an important element of the business going forward and we will continue to invest in development of the brand.

” IM Land has a development pipeline of over 12,000 plots providing a balanced portfolio of committed, near, medium and long-term projects which following successful promotion through the planning system will deliver phased development land with a value in excess of £1 billion.”

Wooldridge continues. “More recently we’ve been one of the first to push the button on speculatively built offices and industrial and logistics space on the M42 corridor at our Blythe Valley Park scheme, with Connexion offering 209,000 sq ft of high quality industrial and distribution units.”

IMP also achieved a number of high profile pre-lets at Blythe Valley during 2016, including new offices for Prologis and a hi-tech aftersales and preparation centre for Rybrook.

“We’re always looking to break new ground and achieve ‘best in class’ in developments. We’re just announced a UK first, creating a 69,000 sq ft, speculatively built Electricity Cost Neutral Building at The Hub in Birmingham, in a bid to lead the industrial and logistics market.”

Another long-term project is in the USA – a $250m mixed-use, lifestyle scheme north of Chicago (The Corners of Brookfield) has been opened by IM Properties with retailers reporting record opening sales.”

Wooldridge concluded: “We move at a very fast pace and its exciting to be involved and have the reserves to seize opportunities. Our focus on the development side in 2017 is a strategic one, but we’re flexible enough as a business to look at other investments if they present themselves. We go where we see we can add value or make a long term impact.”