The owner of Belfast’s Saint Anne’s Square complex returned to profit last year, new accounts show.
Ducales Capital recorded a pre-tax profit of £2.95 million in the year to September 30 2023.
It represented a swing of almost £3.5m from the £574,000 pre-tax loss it posted for 2022.
New accounts for the property owner and developer, published by Companies House, show his company’s turnover increased by 14% last year to £9.7m.
Ducales is owned by Thomas James Jennings, better known as Shamus Jennings.
As well as owning the Saint Anne’s complex, which includes restaurants, apartments, a hotel, car park and The Mac arts centre, the company owns a number of office buildings around Belfast.
One of its office buildings, the former Housing Executive offices on Hill Street, is due to open as The Foundry hotel this summer.
Built on the site of Belfast’s legendary punk night spot The Harp Bar, the offices have been transformed into a new 20-bed hospitality venture, which will add another large bar/restaurant on Hill Street.
The Foundry will be operated by the London and Glasgow-based RBH Hospitality Management.
The company already runs the Ramada by Wyndham for Ducales on nearby Talbot Street, which employs around 50 people.
The other interests of the Ducales group include Northern Homes (NI) Limited and a number of retail buildings in Scotland.
According to its latest consolidated accounts, the value of its property assets increased by £6.7m to £31.8m in the 12 months to September 30 2023.
The company faced a £1.75m tax bill in 2022/23, leaving it with a bottom line profit of £1.2m.
Total retained earnings at the end of its last financial year stood at £32m.
