TIDMCDFF
RNS Number : 5753A
Cardiff Property PLC
24 February 2014
THE CARDIFF PROPERTY PLC ("the Company")
24 FEBRUARY 2014
INTERIM MANAGEMENT STATEMENT
The Company makes the following statement in accordance with DTR
4.3 of the FCA Handbook.
From 28 November 2013, the date of the announcement of the
results for the year ending 30 September 2013 to the date of this
statement, no material property transactions have taken place.
The Market
There are signs of an improvement in the Thames Valley
Commercial property market although letting activity remains at a
slow pace. Rental levels have maintained the improvement seen
towards the end of last year but the availability of second hand
commercial space continues to restrict any sustained recovery. The
group (including our 47.62% joint venture undertaking, Campmoss
Property Company Limited), has recently completed a number of new
lettings on lease terms of between 5 and 10 years.
Residential values in Berkshire and Surrey, the main area for
the group's operation, have maintained the improvement seen last
year.
The Commercial Property Portfolio
The group's portfolio comprises freehold office, industrial,
retail, care home and residential property located to the west of
London close to Heathrow Airport.
At the Maidenhead Enterprise Centre, Maidenhead, (6 units) 5
units are occupied on medium term leases. 1 unit has been let since
the year end and negotiations for letting of the remaining unit are
currently in hand.
At the White House, Egham (5 ground floor retail units with
offices over), all retail units are occupied. A further letting has
been agreed in respect of part of the office space and negotiations
are in hand for the remaining space.
At Heritage Court, Egham (4 retail units), all units are now
occupied on medium term leases. The previously vacant unit has been
let on a medium term lease.
At the Windsor Business Centre, Windsor (3 business units), all
units are let.
At Cowbridge Road, Cardiff, the property is let on a medium term
lease to the Royal Mail as a Mail Sorting Centre.
The Company retains a freehold residential property in Egham,
Surrey, currently let on an Assured Shorthold Tenancy
Agreement.
Campmoss Property retains freehold property at Worplesdon,
Burnham, Woking, Bracknell, Maidenhead and Slough.
At Worplesdon View, Worplesdon (78 bed care home), the property
is let to a well known care home operator on a long term lease with
rental linked to RPI. Plans to develop the adjoining land for
associated health care services are being progressed.
At The Priory, Burnham (Business Centre and 3 floors of
adjoining offices), the Business Centre continues to be fully
occupied. Following refurbishment of the adjoining offices, two
floors are let with the remaining floor available.
At Britannia Wharf, Woking (office building on 4 floors), 3
floors are occupied. Following refurbishment a small office area on
the lower ground floor is available.
At Market Street, Bracknell (13 business units and 1 residential
unit), all units are occupied on a mixture of short and medium term
leases. A planning application has recently been revised in respect
of part of this property.
At Gowring House, Market Street, Bracknell (3 retail units with
5 upper floors), 2 of the retail units are let with the remaining
unit currently under offer. The first and second floors are let
and, following completion of a Section 106 Agreement, the top 3
floors are being converted to eighteen 1 and 2 bedroom luxury
apartments. Building works are expected to complete towards the end
of June. The apartments will either be sold on long leases or let
using Assured Shorthold Tenancy Agreements.
At an adjacent building in Market Street, planning has been
granted for a new 11,500 sq ft retail scheme. The scheme totals 8
retail units on ground and first floor. Development work is
expected to commence shortly.
At Kiln Lane, Bracknell (14 business units and an adjoining
office unit), 12 units are occupied on short and medium term
leases. The remaining unit is available for letting.
At Highway House and Clivemont House, Maidenhead (both vacant
sites), planning permission for two separate office schemes has
been granted. A full or partial pre-let of these office schemes is
being sought prior to commencement of development. Alternative
plans for a residential scheme at Clivemont House are being
progressed.
At Datchet Meadows, Slough (37 luxury apartments), 3 apartments
have been sold since the year end. 22 apartments have now been sold
on long leases and 14 are currently let on Assured Shorthold
Tenancy Agreements. 1 apartment is available for sale. The number
of letting enquiries remains at a high level.
Outlook
The sale of apartments at Datchet Meadows, Slough, has proved
successful and lettings achieved across the group's portfolio is
encouraging. The outlook for the UK economy is more positive and
confidence in the property sector is improving. The group is
undertaking sizeable development work at Bracknell as well as
maximising planning opportunities for the use of existing property.
Your directors also continue to assess potential acquisitions
within the group's area of operation.
Financial
There have been no significant changes in the financial position
of the company since the publication of the results for the year
ending 30 September 2013. Campmoss has reduced its indebtedness
following further sales of property at Slough. The group has
adequate resources to complete projects currently in progress.
Dividend
The final dividend of 9.25p per share in respect of the year
ending 30 September 2013 was paid to shareholders on 13 February
2014.
J Richard Wollenberg
Chairman
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Westhouse Securities Richard Johnson 0207 601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
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