SCOTTISH developer Glencairn Properties, which has been developing the former State Cinema at Leith in Edinburgh into flats in a project it says “celebrates” original art deco details, has declared it is on the "cusp of exponential growth”.

The company, which achieved turnover of £10 million last year, says it is set to double profit over the next three years, highlighting several planning approvals for residential developments in Edinburgh. It declined to disclose its current profit.

The firm, which employs nine people, also said its anticipated growth would increase its "employment power" by 50 per cent.

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Glencairn flagged the “ongoing development” of the former State Cinema at Great Junction Street in Leith into 37 "design led apartments which celebrate original art deco details with a minimal modern edge”.

It added: “The grade B-listed building has been on the risk register for over 12 years and has been…derelict and rotting from the inside for the majority.”

This project is due to be completed in May.

Managing director Daryl Teague said: “I’d say 95% of developers wouldn’t take on a site like this. Looking for unique, interesting sites that can be reborn and appreciated in a new light, success for Glencairn doesn’t ride solely on the bottom line.”

Since March last year, Glencairn has secured planning approval for residential developments at Lower Gilmore Place, Ashley Place and Montrose Terrace in Edinburgh. 

It is awaiting approval of an application for a residential development at Salamander Street in Leith. 

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He added: “I live and work in Edinburgh. In 50 years I want to drive past the buildings we’ve developed and be proud, so cutting corners to better the profit margin isn’t an option.”

Carrying on the family tradition of house building, Mr Teague formed Glencairn Properties in 2011 with a "focus on developing design-led luxury homes".

Mr Teague manages the company’s property portfolio, site acquisition and sales.

A graduate in property and finance with an MA from Aberdeen University, Mr Teague worked for JP Morgan and banking group Lloyds before establishing Glencairn.