"Quiet" property market impacts A&J Mucklow
Halesowen-based A&J Mucklow reported a "quiet first quarter" across the real estate investment market. The company said it failed to acquire any properties over the last four months.
The real estate investment trust said there has been "very little improvement in occupational demand or letting activity in the Midlands" during the summer months.
A&J Mucklow released its interim management statement for the period 1 July – 7 November to coincide with its annual general meeting yesterday afternoon (8 November).
Chair Rupert Mucklow said the company's occupancy rates have been maintained at about 93 per cent.
He said: "The regional investment market has also been quiet during the first quarter, with few new opportunities becoming available, or transactions being concluded. No new investment properties were acquired during the period.
"We expect to see more investment stock being released by banks and institutions over the next few months, but remain very selective on acquiring suitable properties and are prepared to bide our time for the right deals."
A& J Mucklow sold a farm in Penn, near Wolverhampton, in September which fetched £1.7m. The property was held as trading stock and comprised a farm house, barn and approximately 270 acres of land. The sale price brought in a profit of about £1.5m.
