Property investor and developer A&J Mucklow has posted pre-tax profits of £5.85m in the six months to December, against £5.05m last time. It also recorded a hike in earnings per share from 3.72p to 4.23p.
Chairman Albert Mucklow said: “The half year’s figure included the benefit of rent from new property acquisitions and higher occupancy levels. In addition, our trading results were augmented by a profit from residential land disposal which is unlikely to recur in the second half year.”
Deals during the half year include the agreed purchase of a 3,623 sq m (39,000 sq ft) warehouse, still under construction, in Aston, Birmingham, for £2.2m. The unit is pre-let to Moulinex at £183,000 pa.
And in Oldbury, West Midlands, A&J has bought a 9,076 sq m (97,700 sq ft) industrial and retail warehouse investment let to Halfords, Texas Homecare and Bridgestone Tyres. The price is £5.6m, subject to a pro rata increase following an outstanding rent review, and the total current income is £518,000 pa.
EGi News 05/03/97
