Midlands-based investor/developer A&J Mucklow has posted pretax profits of £7.189m for the six months ending December 31 1999, thanks to record occupancy levels of some 97.5% and a key residential land sale to Barratt Homes.
According to Rupert Mucklow, managing director, the developer is seeing the return from its recent modernisation programme. “We have sold some of our older industrial estates over the past few years and now we have a record occupancy level of 97.5%,” he told EGi. Its previous occupancy high was in 1990 when its level of voids stood at 4%.
During the half-year, he said that the company – a former housebuilder – had made some £960,000 of profit on the historic value of a 2.02ha (5 acre) site near Wigan, Lancashire, which it sold to Barratt.
Mucklow said that his company’s traditional heartland of the industrial, and, in particular, the distribution markets in the West Midlands were still going strong, despite concern over the future of major occupiers, such as Rover at Longbridge. “The future of Rover, for instance, must, without doubt, concern some of our occupiers but although we read about doom and gloom in the market, the level of demand is the same as it was at this stage last year.”
At Tachbrook Park in Leamington, Mucklow is preparing to spec 3,600 sq m (38,751 sq ft) in four industrial units and it has secured a 1,896 sq m (20,409 sq ft) prelet to Amari Plastics at Wednesbury One Industial Park off the Black Country New Road.
The developer has received planning permission for a 4,737 sq m (51,000 sq ft) office building at Mucklow Office Park, Halesowen, where it is seeking prelets.
Richard Ellis and Harris Lamb are letting agents on Mucklow Office Park. Peter Bromwich and North Rae Saunders are advising Mucklow on Wednesbury One.
EGi News 25/02/99
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