Acorn Property Group, which bought the former Bristol Zoo Gardens site last month with plans for a major redevelopment scheme, has announced a record turnover of £106m and a return to profit.
The company, which has offices in Bristol, Exeter, Cornwall, Cardiff and London, reported a robust pipeline of new development sites, which its says reinforces its position as a “dominant player in the South West property market”.
Acorn exchanged contracts with British Zoological Society on the former zoo site in Clifton in February. Planning consent for the 11.3 acre site was granted by Bristol City Council in April 2023.
The scheme would deliver 196 homes as well as a public park – opening the site up to free public access for the first time in 189 years.
Commenting on the company’s results, Melanie Omirou, Acorn’s executive group managing director, said: “I am very pleased to report a return to profit alongside a record turnover of £106m. Our strong pipeline of new sites will enable us to deliver approximately 1,800 new homes, further cementing our commitment to addressing housing demand across the South West.
“We are now emerging from a particularly challenging period, and while we anticipate a temporary dip in turnover next year due to the limited site acquisitions during the COVID-19 pandemic, we remain confident in our long-term growth. We project turnover to rise to over £200m per annum within the next two years, with sustained expansion beyond that. I am also pleased to report that our 2022 restructuring plan, designed to ensure sustainable and secure growth, is progressing well.”
Over the past 18 months Acorn has successfully acquired several high-potential sites across the affluent and dynamic South West region including the prestigious former Bristol Zoo Gardens site.
Now in its thirtieth year, the company expects 2025 to be a pivotal year, with a number of delayed planning permissions anticipated to be granted, unlocking further development opportunities.
Despite economic uncertainty and broader challenges in the UK property sector, the South West housing market has demonstrated remarkable resilience. Locations such as Bristol, Exeter, and the Cotswolds have continued to experience strong demand, particularly from well-funded buyers, including cash purchasers seeking high-quality homes in desirable locations.
Looking ahead, Acorn welcomes proposed changes to the UK planning system, particularly those advocated by the Labour Party, aimed at streamlining the approval process.
Omirou highlighted the urgent need for reform.
She said: “Over the past few years, planning applications have taken at least two years to process, with many stretching to five years, a timeframe that is simply unsustainable. The planning system is overwhelmed, weighed down by excessive administrative burdens and obstructed by highly politicised NIMBY-driven planning committees. This has severely restricted the industry’s ability to deliver much-needed homes. We are encouraged by the prospect of meaningful reform and investment in the planning system, which we hope will accelerate project approvals and facilitate greater housing delivery.”