13th May 2014 08:41
LONDON (Alliance News) - Property investor A & J Mucklow Group PLC Tuesday said its vacancy rate increased to 6.9% in 2014 to date from 6.2% a year earlier, following the acquisition of a vacant 36,000 square feet industrial building at Redfern Park in Birmingham for GBP1.6 million.
The company, which develops property in the English Midlands, said the industrial site is currently being refurbished at a cost of GBP160,000 and will be available for rent at GBP200,000 a year from July.
Mucklow invests in industrial, retail and office property. It said there is strong interest in a number of its vacant properties and expects its vacancy rate to fall below 6% over the next 12 months.
Earlier this year the company raised GBP13.7 million through a placing of 2.9 million new shares. The proceeds will be used to fund the development of Apex Park, Worcester, where it is building a pre-let distribution centre for Worcester Bosch.
Mucklow said Tuesday the cost to complete the 116,000 square foot development will be around GBP5.5 million, slightly less than originally budgeted, and the property is expected to be operational in December.
Mucklow was untraded Tuesday, but closed at 450.75 Monday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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