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Local property developers recorded €4.9m profit last year

Local property developers recorded €4.9m profit last year

A local team of housing developers have reported a profit of €4.9 million last year.

Urban Life Developments, owned by Laurence Goodman Jr, son of beef baron Larry, reported turnover at the business more than doubled to €34.2 million last year from €15.4 million in 2017.

Its pre-tax profits were up €1.2 million in 2017, bringing accumulated profits at the company to €6.3 million. It had €6.6 million cash at the end of last year and was owed €5.9 million by group companies.

According to their 2018 accounts, Urban Life owned one development property directly last year and also carried out work on five other developments owned by related companies. Among the local developments overseen by Urban Life include the Mount Hamilton development on the Carrick Road.

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