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LONDON (Alliance News) - Cardiff Property PLC Monday said it has recently completed a number of new lettings on lease terms of between five and ten years, but has made no material property transactions since November 28, 2013.
In an interim management statement for the period to date, the company said there are signs of an improvement in the Thames Valley commercial property market, although lettings activity remains at a slow pace.
Rental levels have maintained the improvement seen towards the end of last year, the property developer said, but the availability of second-hand commercial space continues to restrict any sustained recovery
Residential values in Berkshire and Surrey, the main area for the group's operations, have maintained the improvement seen last year, it added.
The property investor said the sale of its apartments at Datchet Meadows, Slough, proved successful and lettings achieved across its portfolio is "encouraging".
The group said it is also undertaking "sizeable" development work in Bracknell as well as maximising planning opportunities for the use of existing property.
Financially, the company said there have been no significant changes regarding its financial position since the publication of its full year results ending September 30, 2013.
However, Campmoss Property Company in which it has a 47.6% stake has reduced its indebtednesses following further sales of property in Slough.
The stock was trading at 895.00 pence Monday morning, up 32.50 pence or 3.8%
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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