The Fort Dunlop building has been 97 per cent let - more than 300,000 sq ft - two years ahead of schedule, property developer Urban Splash said yesterday.
The company, which is also involved in the Walsall Waterfront development, a ten-acre town centre site, has won several new contracts in the Midlands in Birmingham, Stoke and Shrewsbury.
Urban Splash increased its turnover eight per cent to £62.1 million in the year to March 31 2007 and produced a profit of £18.8 million, an increase of 53 per cent, which includes commercial property revaluation.
Nathan Cornish, Midlands managing director of Urban Splash, said the results had provided the company with solid foundations for moving forward regardless of the macro climate.
He said: "This is exemplified in the Midlands where we have continued to secure a high level of sales and lettings, particularly in Birmingham at Fort Dunlop." The company said in a statement:
"We are conscious that we are entering into uncertain times particularly in terms of the availability of credit.
"Though we believe that the fundamental imbalance in demand and supply for residential housing and the continued demand for high quality office accommodation alongside our commitment to quality architecture, our diverse geographical spread and the low cost of accommodation that is offered leave us well-placed to take the business forward."
During its financial year Urban Splash collected £6.4 million in rental income from its commercial properties and residential apartment rentals, completed 308 new homes and exchanged on a further £118 million of apartment sales.
At the end of the financial year it had a future development programme with gross final value in excess of £1 billion and had exchanged contracts worth £138 million equal to about two years of future sales.
The company has made several strategic land purchases across the country. During the past 12 months more than 60 new employees have joined.