Regional office developer Circle Property has reported an 11.9% increase in the value of its portfolio to £139.5m.
The portfolio comprising 14 commercial investment and development assets was valued at £124.6m at the end of March 2019.
In its latest full-year results for the year ended 31 March 2020, Circle Property added that its annual rental income had increased by 4.2% to more than £8.7m.
The firm also reported that rent collection for both the March and June quarters in 2020 was at 91% and 87% respectively.
John Arnold, chief executive of Circle Property, said: “There has been much speculation as to whether the Covid-19 restrictions will precipitate a fundamental shift in office working practices, with office workers wishing to continue working from home and employers happy to see the benefits in reduced fixed overheads. While this may be more likely in central London or major conurbations with a large commuter workforce, most regional offices with adequate car parking are already seeing a return to the workplace as the novelty of homeworking subsides.”
Circle Property also saw its net asset value per share rise to £2.85, up from £2.77 at the end of March last year. Its total income grew from £8.3m to £9.6m. However, its pretax profit fell from £15.2m in 2019 to £5.2m.
LTV stood at 44% at the end of March and net debt was £61.9m.
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