£343m Thrive project anchors long-term vision
IM Properties has reported pre-tax profits of £16.3 million for the year ending 2024, signalling steady progress in its long-term strategy despite a downturn in turnover.
The Midlands-based developer, whose portfolio spans commercial, residential and international assets, also donated £5.1 million to charity – reflecting its continued commitment to social impact.
Turnover fell from £216 million in 2023 to £129 million this year, a decline largely attributed to market conditions and the timing of development projects.
However, strong cash flow from its core investment portfolio – including the sale of 11 properties totalling £96.4 million, exceeding book value by 2.4% – allowed the business to maintain momentum.
IM Properties also completed 31 new lettings generating £1.9 million in annual rent, supporting the firm’s efforts to build financial resilience while laying the foundations for future large-scale development.
Thrive and beyond
At the heart of the company’s future growth is Thrive, a £343 million next-generation employment park proposed in North Warwickshire.
If approved, it could deliver between 4,400 and 6,000 full-time jobs across advanced manufacturing, R&D, and logistics – representing one of the most ambitious schemes of its kind in the region.
“Thrive is one of our most significant schemes to date,” said Tim Wooldridge, managing director of IM Properties.
“We’ve put huge effort into identifying and realising its potential, including listening to youth panels, embedding sustainability and designing community-friendly Third Spaces.”
Planning has also been submitted for Mercia II, the follow-on to Mercia Park, where Jaguar Land Rover signed Europe’s largest-ever industrial pre-let in 2021.
Elsewhere, infrastructure work valued at £55 million has begun at Towcester Park and Stratford – 46 schemes that will deliver 1.75 million sq ft of space and around 3,000 new jobs.
The company now holds over 1,100 acres of commercial development land with a potential Gross Development Value (GDV) of £2 billion – enough to deliver 13 million sq ft of new space.
Sustainability and social value
The company’s Sustainable Futures strategy continues to guide its development pipeline, with Hinckley Park selected as a national pilot to help define a new Net Zero standard for industrial buildings.
Beyond environmental goals, IM Properties has awarded nearly £900,000 in community grants, supporting grassroots organisations in the areas where it invests.
“Even as we grow, it’s crucial that we remain rooted in the communities we serve,” said Wooldridge.
“Being a socially responsible business isn’t just a value – it’s a necessity.”
Recovery in housing
Spitfire Homes, IM Properties’ housebuilding arm, returned to profitability this year with £3.3 million pre-tax profit – rebounding from a £4 million loss in 2023 driven by land write-downs. Meanwhile, its land promotion division, IM Land, is accelerating planning applications in line with government housing targets.
Applications for developments totalling 1,340 new homes are in progress, with a further 2,620 homes expected to follow later this year.
Expanding stateside
IM Properties also continues to build momentum in the United States. In Wisconsin, its flagship Brookfield mixed-use development has recorded record rents across its 400,000 sq ft retail centre and 244 residential units. Its US joint venture, IM Kensington Developments, now has 11 active projects across Illinois, Colorado and Arizona, with a combined GDV exceeding $1.8 billion.
As Wooldridge concluded: “As we look ahead, IM Properties remains focused on sustainable, long-term value creation across our UK and international portfolio. Whether through visionary schemes like Thrive or leading on ESG performance, we are all as individuals and as a company committed to investing in people, places and the planet – delivering positive impact and performance for the communities we invest in.”
