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A year of great progress

Steven Underwood
CEO of Peel L&P and The Peel Group
Overview

Our CEO, Steven Underwood, reflects on the last 12 months

"The year ended 31 March 2022 was the first year of our new five-year plan for Peel L&P. We couldn’t have asked for a better start, significantly outperforming all our targets and making great progress against our strategic goals, right across the business. 2021 was not without its challenges, with continued Covid disruption being just one, however, our teams rose to those challenges and delivered a stellar performance."

“We couldn’t have asked for a better start, significantly outperforming all our targets and making great progress against our strategic goals.”

Business highlights

“We have seen some amazing progress across the business this year, but a few highlights include:

Land & Communities & Homebuilding growing their team to refresh and revitalise our plans to acquire more land – refilling our hopper with new future projects. We also saw the creation of our new Major Projects team, who will work across Peel L&P to help to deliver some of our larger and complex, community building, regeneration projects.  

Peel NRE secured the acquisition of Fiddler’s Ferry Power Station from SSE Thermal along with the potential for SSE to build a new carbon capture and storage enabled facility on the Protos development across the Mersey. This is a great example of the power of Peel L&P, working across our teams in homebuilding (Northstone), logistics development (PLP) alongside the demolition, materials recycling and regeneration expertise of Peel NRE to secure a transformational long-term development opportunity for Warrington.”

Peel NRE secured the acquisition of Fiddler’s Ferry Power Station from SSE Thermal

The new Everton Stadium at Bramley-Moore Dock is beginning to take shape

Miller’s Quay, at Wirral Waters reached financial close, delivering 500, new sustainable homes for rent

“The core Property and Investment portfolio provided us with tremendous stability and growth throughout the year and way surpassed its budget with high occupation levels and a resurgence of investment activity. The team also acquired part of The Trafford Centre, formerly the iconic Barton Square extension, rebranding it as Trafford Palazzo, presenting significant exciting leasing activity and value growth prospects.” 

“The Peel Waters team delivered the sale of Bramley-Moore Dock to Everton Football Club to become the home of their new stadium. It’s amazing to see the progress on construction of the new stadium as the north of the Liverpool Waters scheme starts to take shape.

At Wirral Waters, after five years in the making, the Legacy residential project, now called Miller’s Quay, reached financial close. A visionary partnership between Peel L&P, Wirral Borough Council and PIC delivering 500, new sustainable homes for rent on the Northbank of Wirral Waters. We also saw L&G dispose of their interest at MediaCity after a successful five years of partnership delivery and we were delighted to welcome LandSec as our new partner. We are looking forward to accelerating the delivery of the next phases of MediaCity alongside LandSec.”

Our People

“It has been great to see everybody back in person in our workspaces, embracing new ways of working. The opening of our new ‘Evolve’ workspace at MediaCity in April exemplifies the importance of our workspaces for collaboration, sharing of ideas and teamwork. We’ve got a culture to be proud of at Peel L&P and I thoroughly enjoyed catching up with everyone in July at our first business conference since 2019 to celebrate our successes and look forward together to the upcoming year. Lots of new colleagues have joined us since we were all together so it was a great opportunity to meet with teams from across the Peel L&P business.” 

“The easing of restrictions meant we could resume giving back to the communities we work in. Our people are encouraged to make the most of their paid annual Volunteering Day, with 139 hours volunteered in the last 12 months. It’s been fantastic to see our teams helping to plant trees, manage green spaces and take on various challenges – including James Whittaker who ‘Cycled Blighty’ for Water Aid to raise a staggering £65,000.” 

 

We were finally able to host our Big Catch Up and meet all our teams in person

Using our volunteer days to work in the local community

ESG – Environmental, Social & Governance

“Balancing economic needs with benefits for the environment and local communities is at the heart of what we do as a business.”   

“We build thriving communities and regenerate land and property to create dynamic locations where people want to live, work and play. We can only do this successfully in partnership with our local stakeholders. For them, as for us, sustainability is a fundamental part of the regeneration process, and we want our projects to be fit for the future and resilient to the expected changes in climate ahead.”  

“But climate resilience is only one part of our approach as a responsible business. Creating socially resilient neighbourhoods is a critical part of how we plan and deliver our developments. We are focusing on how we track and demonstrate the social value that our activities and developments bring to local communities, with a baseline social value assessment taking place on all new developments to ensure that we deliver on our commitments.”

Outlook

“Although we are seeing the direct impacts of the pandemic receding, the knock-on effects such as energy price rises and other cost inflation, with the associated impact on the viability of projects, continue alongside a global political and economic environment which remains incredibly uncertain.”   

“Despite this backdrop, as we have proven time and time again, the strength of Peel L&P lies in the resilience and commitment of our people. We are well positioned in growth sectors, and we are seeing new, exciting opportunities emerge across the business. Working closely with our partners and other local stakeholders, I am confident that this will be another year of great progress.”   

We look forward to hosting more community events at Trafford Palazzo

Steven Underwood
CEO, The Peel Group and Peel L&P
October 2022

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