West Midlands industrial developer and engineer Folkes Group has posted record operating profits of £3.025m in the year to February against £2.86m last time.
But chairman Constantine Folkes warned that following a doubling of vacant properties to 14% of the portfolio, rent rolls will be down this year. Folkes currently owns 185,800 sq m (2m sq ft) of industrial property, mainly in the West Midlands. The portfolio is valued at £35m.
Folkes confirmed that the group wants to increase its industrial holdings. He said: “We’re looking for sites between 2.02ha (5 acres) and 8.09ha (20 acres) for which we’re prepared to pay between £1m and £10m.”
EGi News 25/04/97
