Business
Interim Management Statement
Interim Management Statement.
About this update from Cardiff Property Plc
[{"type":"text","content":"\n \nRNS Number : 5334M Cardiff Property PLC 17 July 2014 \n \n\n \nTHE CARDIFF PROPERTY PLC\nINTERIM MANAGEMENT STATEMENT 17 JULY 2014\nThe company makes the following statement in accordance with DTR 4.3 of the FCA Handbook.\nFrom 1 May 2014, the date of the announcement of the results for the six months ending 31 March 2014 to the date of this statement, save as set out in this statement, no material property transactions have taken place.\nAs announced on the 13 May the company acquired 12,241 of its ordinary shares for cancellation. The total consideration including costs was £123,126.\nThe Market\nThe UK economy, particularly in the South East, continues to expand and providing the anticipated rise in interest rates are modest and managed over the next few years, the Thames Valley commercial and residential property markets should continue to benefit.\nLetting and investment activity in the Thames Valley commercial property market is improving. The majority of new lettings has centred towards retail and business units primarily by smaller business enterprises or start-ups, reflecting the growth areas of the economy. Enquiries for new and existing office space in the Thames Valley remains quiet although new lettings indicate a modest recovery.\nIn Surrey and Berkshire, the group's main area of operation, residential sales and lettings have remained active. Improved capital value and rental levels achieved over the last few years have been maintained. \nThe Commercial Property Portfolio\nAt the White House, Egham (5 ground floor retail units with offices above), all retail units and office suites are now occupied on medium term leases.\nAt the Maidenhead Enterprise Centre, Maidenhead, (6 business units) all units are occupied on medium term leases. Recent lettings have achieved higher rental levels although leases continue to incorporate tenant breaks. \nAt Heritage Court, Egham (4 retail units), all units are occupied on a mix of medium and short term leases. Ground rents are received from previously sold apartments on the upper floors.\nAt The Windsor Business Centre, Windsor (3 business units), all units are occupied on short term leases with one tenant holding over awaiting renegotiation of terms.\nThe company also retains a business unit in Cardiff let on a medium term lease to The Royal Mail as a Post Office...