Pillar Property Holdings is continuing to profit from its specialism in retail parks. Profits have more than doubled to £6.9m in the six months to the end of September.
The Independent reports it made a profit of £20m in just over two years when it sold the Metro Retail Park in Gateshead this week. It bought the park in August 1995 for £15.8m, spent £7m on improvements before selling it this week for £43m.
Pillar has just bought a 2ha (5 acre) for £15m with planning permission for 6,967 sq m (75,000 sq ft) of retail space next to its existing Kinnaid Park and Edinburgh Fort locations. The acquisition creates a single site with 65,030 sq m (700,000 sq ft) of space. In the six months since the end of March it spent £250m on acquisitions, mostly retail parks, against £60m worth of disposals, most of them offices.
- Financial Times 27/11/97 page 22 (News Digest)
- The Independent 27/11/97 page 27
- The Guardian 27/11/97 page 24
