GROWING numbers of foreign investors are looking to snap up assets in the UK property market due to the decline in value of the pound, according to a leading figure at a Yorkshire engineering company.
The engineering and management consultancy services business Tate Consulting plans to keep growing across the UK, after securing work on a number of major projects in Yorkshire.
Tate Consulting has gained a number of contracts and joint venture agreements in connection with some of the largest projects across the country.
These include a 90,000 sq ft warehouse in Biggleswade, Bedfordshire, for the women’s retailer Apricot, and the £300m SOYO scheme in Leeds, where the team from Tate is working with Moda Living and Caddick Construction.
Tate Consulting was also appointed by the developers Moda Living to provide mechanical, electrical and plumbing (MEP) and sustainability services for the Quarry Hill development in Leeds.
Jeff Bearcroft, managing director of the Leeds-based company, said: “We are very ambitious and always looking for organic growth. We’ve got a good platform for growth and we see that continuing.
“Our turnover is around £3m and we believe it’ll be at £4m to £5m within a very short order. We think we can get up to £10m in the medium term.
“One of the great things we are able to do is get involved with such a wide range of exciting and large projects.
“We are always making sure that we deliver, and people value us because we do what we say. It’s about very good quality engineering.
“We also have a culture of being innovative and forward looking, and always remember that people are the most important aspect of our business.”
Mr Bearcroft said the UK has a “busy” property marketplace, with increased interest from foreign investors due to the depreciation of the pound.
The pound sank after the June 2016 referendum result, when Britons voted to leave the European Union.
Mr Bearcroft described the logistics sector as an “interesting and mixed picture.”
He added: “We have certainly found that some of our clients are seeing an opportunity to consolidate and (they are) always working to provide extra stimulation to push things forward.”
Mr Bearcroft expects to see a huge expansion of the build to rent sector, as many consumers struggle to get on the housing ladder.
He added: “That whole market is a real growth area for our clients and for us.
“It is an incredibly exciting and rewarding sector to work in; delivering large-scale projects is a great feeling
“You come to work and realise you are doing something valuable for society as well as building a successful business.”
Earlier this year. Tate was appointed to work on the new Lexington Princess Dock development. by Moda Living building services.
The waterfront-living development will include 325 rental apartments and is part of a £5.5bn Liverpool Waters regeneration plan.
Tate will provide mechanical, electrical and plumbing (MEP) services.
Mr Bearcroft, said: “We’re delighted to be working with Moda Living on such a prestigious development that is part of the major regeneration plans for Liverpool.
“The Lexington will offer beautiful apartments in a highly sought after location, with views over the River Mersey. Liverpool Waters is an important project for the city and one of Europe’s largest redevelopment projects, so we are excited to be part of it.”
Tate Consulting also supports campaigns to encourage more women to take up careers in engineering, as part of a strategy to tackle the skills deficit.