Cash reserves to invest in new schemes stood at just under £14m at the York-based firm. Cash reserves were further boosted at the turn of the year by the sale of one of Harrison’s landmark Edinburgh sites.

In January, the business sold the 394-bed student accommodation scheme, close to Murrayfield, to Watkins Jones for an undisclosed sum, having gained planning approval in 2020.

S Harrison says it is well placed to capitalise on an anticipated upturn in the property sector.

Ann Scott, managing director of S Harrison, said 2020 was a tough year for the sector as a whole and that there are many significant challenges ahead.

She added: “The pandemic has had a massive impact and even as we return to some sense of normality, the market will remain uncertain for some time.

“Being flexible and having the resources to move swiftly when opportunities arise will be key to success in the short to medium term.

“Our wide-ranging pipeline of development schemes coupled with our income generating property portfolio and our strong balance sheet positions us well.”