"I am pleased to report on a year of satisfactory progress. Once again the quality of our property portfolio, coupled with successful strategic management of our properties during the year, have contributed to this creditable performance. The harsh economic conditions of 2008 continued into the first half of 2009; however the second half of the year saw some improvement in values with the final quarter witnessing strong demand for quality properties with stable income streams. A significant proportion of our portfolio meets these criteria, and our year end valuation reflects this improvement.
Our property portfolio was valued at £213.6 million at 31st December 2009. This represents an increase of 4.6% on a like-for-like basis which compares favourably with the Investment Property Databank (IPD), the property industry’s valuation index, which showed retail property capital values had fallen by 4.3% over the same period.
Over the year we also grew our rental income from £16.8 million per annum to £17.1 million. This has been achieved during a difficult period across the property market, which has witnessed substantial rental declines and a rise in vacant properties. Our estimated rental value now stands at £17.4 million per annum.
" ... full statement
Michael Heller, Chairman.
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Half-yearly Report
27 Aug 2010 07:00
details
2009 results
Final results for the year ending 31 December 2009 are available now both on this website and as a download
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03 Sep 10 16:44
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