Mucklow results benefit from demand for Midlands property

MKLW : Mucklow results benefit from demand for Midlands property

Mucklow (A&J) Group’s results for the year that ended on 30 June 2014 show that its EPRA NAV rose from 305p to 358p over the year – an increase of 17.3%. the dividend was increased from 19.64p to 20.23p. Gearing fell from 41% to 30% as the company cut its net debt and the value of the property portfolio rose. Average rental values on industrial property in the Midlands rose from £5.07 psf to £5.13 psf.

They added two properties to the portfolio in the first half of the year, spending £6.7m on two acquisitions, one in Halesowen, Amber Way, a 62,000 sq ft industrial unit with an acre of expansion land, and three retail units in Kings Heath, Birmingham – these come with initial yields well above 8%. They also started a pre-let development (a 116,000 sq ft distribution warehouse) at Apex Park, Worcester and acquired and refurbished a 36,000 sq ft vacant industrial building in Tyseley, Birmingham for £1.5m. Mucklow sold one office building in Worcester (pictured) for £3.8m (£230,000 over book value and £1m more than they paid for it in 1999.).

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