10th Nov 2015 10:01
LONDON (Alliance News) - Midlands-based real estate developer A&J Mucklow Group PLC on Tuesday said it remains positive on its prospects for the full year as the Midlands industrial property market has continued to prove strong in the first four months of its current financial year.
Rupert Mucklow, the company's chairman, said the availability of modern industrial space in the Midlands has continued to decline, while occupational demand has remained broadly flat year-on-year.
Rental growth is starting to feed through in the group's portfolio, he said, with higher rents being achieved on new lettings and lease renewals. The group's vacancy rate since the end of its previous financial year on June 30 has fallen to 4.7% from 5.4%
Mucklow said the regional property market remains competitive and the group has been finding it difficult to find more "sensibly-priced" properties, but it has completed one off-market deal this year and is hoping to identify more.
A&J Mucklow shares were up 3.1% to 505.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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