Adderstone Group’s Economic and Social Impact Boosts North East Communities
Newcastle-based property investment and development business, Adderstone Group, has released its latest business insight data, presenting a compelling update on the Group’s contribution to the North East economy and communities.
The data, compiled by multi-disciplinary consultancy Pegasus Group, shows a marked increase in impact across nearly all key metrics, with a headline figure revealing that 1.6% of people living in Newcastle’s urban core now reside in homes developed by Adderstone Group- a clear indication of the company’s investment and impact in the region over the last three decades.
Since the last analysis, conducted in 2021, the Group has increased commercial floorspace developed or held as investment to over 2 million sq ft, with £0.9 billion in annual economic output now attributed to jobs supported by its commercial property developments and assets.
Total business rates revenue paid by Adderstone Group and its tenants has grown to £89.4 million, while £142.8 million is now spent annually by people living and working in Adderstone developed schemes. Employment supported by the Group over the years has also surged, with more than 12,000 on site and wider supply chain jobs sustained across its developments.
Environmental and social contributions are also sharply up. The Group now recycles 85% of all construction materials, has achieved an annual reduction of 689 tonnes in carbon emissions, and has increased its charitable giving to over £900,000 through the Adderstone Foundation. It has also delivered 150 work placements and apprenticeships, supporting skills development and career access for a broad range of individuals, and reflecting the Group’s wider commitment to inclusive economic growth.
Sandra Manson from Pegasus Group said, “This analysis reflects not only Adderstone Group’s financial and operational scale, but also the wider economic and social value being generated for communities across the region.
“Adderstone’s story is truly remarkable. We have been helping them measure economic and social impact data for a number of years now. It’s always great to support local businesses that are making such a difference in the North East”
Adderstone Group was started by North East entrepreneur Ian Baggett, who attended Hookergate Comprehensive School and then Durham University, where he carried out an undergraduate dissertation on the geography of student accommodation in 1993, which doubled up as a business plan and enabled him to borrow £13,000 from Northern Rock to develop his first property in Bowburn.
Ian Baggett, Founder and CEO of Adderstone Group, commented: “It’s always so much more fulfilling when we invest and develop in our home region. For my colleagues and me, our purpose really has driven growth and impact.”
Whilst Adderstone Group now has offices in London, Leeds, Manchester, Suffolk and Birmingham it remains firmly rooted in the North East via its Jesmond HQ. With a strong pipeline and proven track record, the Group is well positioned to continue to make an impact across the North East for many years to come.
