Investor and developer Cardiff Property today hit out over the government’s recent removal of empty property rate relief.
In results for the six months to 31 March 2011, the company said that the removal of the relief is “placing many landlords under considerable pressure”.
The group, which has a near-£30m portfolio along the M4 corridor, added that the requirement to pay rates on vacant properties will lead to “many being demolished or left in a dilapidated state”.
Revenue for the six months totalled £268,000, down by 43% on the same period a year earlier, while pretax profit fell by 38% to £446,000, compared with £722,000.
But the group’s net asset value per share rose to 1,148p from 1,088p a year earlier.
Chairman Richard Wollenberg said: “It is encouraging to see some new lettings being achieved but, overall, the level of tenant enquiries remains disappointing.”
Nick.whitten@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
