Occupancy and net debt rise at Mucklow
Commercial property company Mucklow has grown underlying pre-tax profit by £900,000 over the past year. However, the Halesowen-based company also increased its net debt by £18m over the year to 30 June 2011.
Mucklow said its occupancy rate had grown from 91.5 per cent to 92.7 per cent over the year. Its portfolio value also grew to £261.3m, up from £236.9 in the previous year.
The company's portfolio assets were boosted by five investment properties which it acquired for a total cost of £24.2m, producing an average income return of 9 per cent each year.
Mucklow's net debt increased by £18m over the 12 months to £67.7m.
Chairman Rupert J Mucklow said: "The company took advantage of a fairly lacklustre property market to acquire some attractive long term investment properties. We also completed our pre-let development at Coventry during the year and negotiated a number of early lease renewals. As a consequence, our gross annual rent roll increased by £3.5m (21 per cent).
"Property values remained virtually unchanged at our year end, following the 11 per cent rise in values in the previous year. The balance sheet remains in good health with total assets of £267.4m and net borrowings of £67.7m."
