the scheme was "the blueprint for a pioneering housing concept" while the Sunday Times said that it would "turn buyers from passive consumers into the architects of their own dream homes". Wallpaper* magazine said that the concept would "make volume housebuilders sit up and take notice". The modular housing concept evolved further in March 2018 with the launch of 10 Fab Houses, two storey modular homes created in the factory and designed by architect George Clarke. In 2019, the modular operation was demerged from Urban Splash when Japan's biggest house builder Sekisui House and Homes England invested £55m in the business. In 2022, House by Urban Splash went into administration with 160 staff made redundant at its Derbyshire factory and at sites across the country. The collapsed business owed a combined £19.2 million to dozens of companies. Administrators said the business failure was due to "the under-performance of its modular facility, which has been loss-making for a prolonged period"; the underperformance was due to multiple factors including "design issues resulting in production defects and re-working the modular units, the costs of which could not be passed on" while the factory also suffered from "underutilisation and inability to absorb overhead costs." Urban Splash commercial portfolio As well as residential developments, Urban Splash has also delivered 1.5m of workspace across its projects, from Ducie House in Manchester to The Matchworks and Ropewalks in Liverpool, Fort Dunlop in Birmingham and Royal William Yard in Plymouth. Notable past occupiers include 808 State, Simply Red, Cream, The Farm and The La's. In 2021 it announced it had completed 230,000 sq ft of commercial deals during the year. In July 2022, Urban Splash completed a deal with Aviva Investors to secure £43.5m to invest in its commercial portfolio in Manchester and Liverpool. The Urban Splash Residential Fund In 2017 the Urban Splash Residential Fund was formed to acquire design-led homes in urban regeneration areas across the UK - both through the Urban Splash pipeline and through opportunistic acquisitions. Today the fund owns and manages homes across five different UK cities including Manchester, Birmingham, Sheffield, Bradford and Bristol. The fund's current net asset value is c.£40m, with average occupancy of 97% and annual investor returns of 9.5%. In August 2022, the Fund's latest results showed it had tripled in value, with net asset value at £90.3m. It also posted a profit of £2.2m, a 70% rise on