EDI publishes annual report and expresses optimism about city development role
EDI Chair, Councillor Gordon Mackenzie and Acting CEO John Mark Di Ciacca
Announcing a pre-tax profit of £1.77 million on a turnover of £5.96 million, The EDI Group Limited today [Tuesday 7 October 2008] publishes its annual report for the year 2007.
The 2007 profit is down on the previous financial year (£2.83m in 2006) but turnover increased, due mainly to EDI's share of joint-venture sales.
Commenting on the figures, Gordon Mackenzie, Chair of The EDI Group Limited (EDI), said:
"The last period of trading has demonstrated EDI's resolve and ability to seek out new opportunities, ensuring that we're well placed to weather current market conditions .
"Looking forward - and despite those difficult market conditions, we can be reasonably optimistic. A recent review of EDI by our shareholder, The City of Edinburgh Council, has reaffirmed the view that we remain a key vehicle for developing the city's assets.
"We expect that the relationship with the Council will provide EDI with further opportunities for development in the year ahead."
EDI made a significant profit (£1.49 million) on the sale of investment properties, largely as a result of the disposal of the A1 Industrial Estate and Starlaw Business Park by Edinburgh Industrial Estates Ltd, the company's joint venture with J Smart & Co (Contractors) plc.
The company's total reserves were reduced by two main events: the final dividend instalment of £8.85m from the 2006 equity release programme to EDI's shareholder - The City of Edinburgh Council - and an unrealised loss on revaluation of properties of £4.1m reflecting the correction in property values across the sector.
A new group funding facility was tendered and secured, providing the company with improved margins, ease of administration and £70m of funds to deliver planned projects.
On the development side, EDI is busy, having lodged planning applications for a new clubhouse for community use at the Phoenix Club, Harrison Gardens and for the restoration of Lamb's House in Leith. Both these small projects should be on site in Spring 2009.
To the west of the city centre, at Ratho Park, EDI had two planning applications approved to create a 97-bedroom hotel (pre-let to Travelodge) and a 1,860 sq m (20,000 sq ft) office. Construction started in summer 2008 and both projects are scheduled for completion in late 2009.
The company's biggest project remains the regeneration of Craigmillar, through its PARC JV with The City of Edinburgh Council. This is now fully mobilised and £49m of expenditure has been either spent during 2007 or committed for 2008. Highlights during the year include:
" The opening of the joint campus for Niddrie Mill and St Francis RC primary schools and nurseries
" Two Homes for Scotland 2008 Designing Places awards for the master planning of the area
" the sale of the majority of homes released in phase 1 of Wauchope Square
" the preparation of a new master plan for the Craigmillar town centre to include a food store and a new community high school
" the purchase of a listed pub, The Whitehouse, on Niddrie Mains Road and an industrial site at Peffermill to create 1,500 sq m (16,000 sq ft) 'nest' units for SME companies
" the opening of a 'third generation' all-weather football pitch at Castlebrae
The residential side of the business performed well during 2007. These projects, delivered through BUREDI, the company's JV with The Burrell Company, include Coalhill in Leith where the majority of the 35 residential units have been sold.
At Bell's Mills in the Dean Village over a third of the 24 properties have already been sold, including all four penthouses. And at Fountainbridge, where a mixed use development incorporating homes and offices is planned, the demolition and service diversion contracts are complete.
Beyond Edinburgh, EDI has secured planning permission for a health centre in Ardrossan. This development for North Ayrshire Ventures Limited (NAV), the company's joint-venture with North Ayrshire Council, will be the first NHS building in Scotland to achieve a BREEAM "excellent" rating. An earlier NAV development - an office building at Kilwinning - won the British Council for Offices Best Small Project award for Scotland - one of the most prestigious awards EDI has won in recent years.
The Annual Report also records the significant contribution to the company from Ian Wall, who stood down as Chief Executive in April 2008.
EDI continues to use Triple Bottom Line reporting to assess its performance against a number of environmental, social and economic factors and its successes in this area are highlighted in an appendix to the report.
PR: 8 Nov 2006
EDI recognised as one of UK's top 50 architecture clients in prestigious survey
Selected as one of the Top 20 architecture clients in the UK, EDI is the only Scottish company to have been listed in this year’s RIBA “Top 50 Clients” Survey.
Now in its sixth year, the prestigious survey (published in the November 2006 issue of the RIBA Journal) recognises clients who commission award winning architects as well as those who work with newly-established practices.
The annual list has become a measure of energy and commitment to contemporary architecture among developers in the UK.
Listed at number 20, Ian Wall, Chief Executive of EDI is the only Scottish client who has made it in to the listing each year for the last six.
Ian Wall says that the result is a tribute to EDI’s team and its partners: “We have built a reputation as a commercially minded company that sets the highest standards of design. We understand the pressures that architects work under and as a result, we hope we are a company that architects want to work with.”
To make it into the Top 50 listing, clients need to evidence a proven track record, rather than a one-off commission of note. Architects themselves decide who appears on the list by sending in their nominations. Entries are then judged by a panel of people in the world of architecture and design.
Seeking clients who in the panel’s opinion “have a catalytic role that reaches beyond individual buildings”, the judges also looked for clients unafraid to move into new areas and those who resist “formulaic responses by learning from the past and imagining a better future”.
EDI’s entry at number 20 says that the architectural practices used by the firm “are a Who’s Who of Scottish architecture: Richard Murphy, Allan Murray, Page and Park, Malcolm Fraser, Reiach and Hall.” The commentary highlights the company’s belief in developing good, long-term relationships with architects and investing enough to put quality on the agenda.
EDI’s current projects include a mixed-use development with a new street fronting onto the re-opened Union Canal at Fountainbridge (by Allan Murray Architects); the redevelopment of Scotland’s first electric car factory at Madelvic, part of The Waterfront (Malcolm Fraser Architects) and new housing (Page & Park) and two new schools (Cannon and Elder) in Craigmillar.
Craigmillar School
EDI : Edinburgh Park
The EDI Group Limited www.edigroupscotland.co.uk is a private company which is 100% owned by City of Edinburgh Council. The EDI Group carries out a range of property development from office and retail through factories to housing for the homeless. It combines a commercial approach with a commitment to bringing architectural, environmental and social benefits to and through its projects. EDI's wide ranging project portfolio includes the long-term regeneration of Craigmillar, office developments, retail properties within Edinburgh's Old Town, Edinburgh Park, and residential schemes throughout Edinburgh.
The RIBA Journal is the official monthly magazine of the Royal Institute of British Architects.
The EDI Group carries out a range of property development from office and retail through factories to housing for the homeless. It combines a commercial approach with a commitment to bringing architectural, environmental and social benefits to and through its projects.
EDI’s wide ranging project portfolio includes office developments, retail properties within Edinburgh’s Old Town, Edinburgh Park, the long-term regeneration of Craigmillar, Princes Street Galleries and residential schemes throughout Edinburgh. It operates mainly in the Edinburgh City region, but it has also a presence in Glasgow and North Ayrshire.
EDI development : Ratho Park
Scottish Architecture
EDI Developer
Edinburgh Housing
Madelvic
Princes Street Galleries Architects
Coalhill
EDI Project
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EDI Galleries Project
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info@edinburgharchitecture.co.uk
EDI Group Building : page - adrian welch / isabelle lomholt