Wykeland Group: 'Strong trading' for Hull-based commercial property developer
One of Yorkshire’s largest commercial property development and investment companies recorded “strong trading” over the last financial year despite facing economic turmoil.
The directors of Hull-based Wykeland Group reported continued growth across the business. In the year ended 31 March 2026, Wykeland Group recorded a profit before tax of £7.7m, up from £6.3m in the previous year. Profit after tax increased to £6.2m from £4.6m, while net assets rose to £123.7m from £118.2m.
Turnover increased to £9.4m, from £9.1m in the previous year, and cash reserves at year end remained strong at £13m, the statement added.
It continued: “The results reflect the continuing strength of Wykeland’s core property investment portfolio, combined with a significantly increased contribution from the group’s joint venture interests. Joint venture contributions increased to approximately £1.6m, while the group also recorded revaluation gains of £2.6m on its investment property portfolio, which was valued at £107.5m at year end.”
During the year, Wykeland completed the redevelopment of the former Burton building at the entrance to Whitefriargate in Hull, with PizzaExpress taking occupation. The nearby Castle Buildings development, close to the Connexin Live arena, is now complete and fully let, with planning consent in place for a new £25m Moxy hotel to add to the site.
In Hull’s Fruit Market, Wykeland completed the refurbishment of the coworking space in the C4DI tech hub and let the final remaining building in the @TheDock development to Vuba Surfaces.
The group also acquired Beal Securities Ltd’s 50 per cent interest in Wykeland Fruit Market Limited, bringing the company fully within the Wykeland Group. At Wykeland’s Melton West business park in East Yorkshire, the group’s Evolve speculative industrial
development is now more than 70 per cent let, with strong interest in the remaining space, the statement added.
The development of Amazon’s 2.1 million sq ft fulfilment centre has been completed, creating more than 2,000 jobs, while construction is well advanced on Smith+ Nephew’s 200,000 sq ft manufacturing facility at the business park.
Wykeland’s investment in the Waterside centre in Lincoln also continued to perform strongly, the statement said.
Major retailers H&M and Next have committed to new lease renewals, bringing the centre to full occupancy. Subsequent to the year end, Wykeland acquired the Lincolnshire Co-op’s interest in the centre, giving the group full ownership of the asset.
The retailer Superdry & Co also opened a new 7,500 sq ft store at Waterside after the year end.
“Development activity also continues across the wider portfolio, with encouraging levels of interest at Europarc and Cleethorpe Road, both in Grimsby, and Bridgehead business park, close to the Humber Bridge,” the statement added.
“The group continued to drive forward its environmental strategy during the year. The vehicle fleet is now fully electric, while further investment has been made in solar generation and energyefficient development. Carbon emissions under the group’s direct control reduced to 85 tonnes, compared with 118 tonnes in the previous year, the statement said.
Wykeland Group Finance Director Chris Crookham said: “We are very pleased to report another year of growth, with profit before tax increasing to £7.7m and net assets rising to more than £123m.
“The results demonstrate the strength and resilience of our core property investment business, while also reflecting a much stronger contribution from our joint ventures and the progress being made across our development portfolio. That underlying financial strength gives us the ability to continue taking a long-term, patient capital approach to investment and regeneration, as well as to support developments which deliver sustainable economic growth, employment and lasting benefits for the communities in which we operate.
“It has also been a particularly active year operationally, with important milestones reached across the Fruit Market, Lincoln and our wider development portfolio. The directors would like to thank all members of the Wykeland team for their commitment and contribution to another positive year for the business. The group is in a strong position, with a high-quality investment portfolio, significant development opportunities and the financial resources to continue investing in both our existing estate and new opportunities as they arise.”