David Pearl’s Structadene has posted a net profit before tax of £73m for the year to 30 September 2016.
This compares with a net profit before tax of £94m for the previous year, which the company said in a statement was as a result of a fall in fair value gains on investment properties.
During the period its net assets increased by 21% to £409m from £341m and the group trimmed its bank debt by £8.6m.
Rental income across the portfolio increased by 3.5% as a result of increases on rents and new lettings.
Pearl said: “Our mixed portfolio in London has performed well, with strong occupier demand and strong rental growth. However, rents have plateaued, and increased business rates may soon affect rent levels particularly for more expensive space. Outside London, our voids have fallen, although some lettings and renewals are being agreed at reduced levels.”
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