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28 Jan 2009 07:00
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THEΒ CARDIFFΒ PROPERTYΒ PUBLIC LIMITED COMPANY ("the Company")
INTERIM MANAGEMENT STATEMENT
FOR RELEASEΒ 28Β January 2009
Β
TheΒ CompanyΒ makes the following statementΒ under Financial Services Authority Disclosure and Transparency Rules, Section 4.3 - Interim Management Statements.
FromΒ 27Β November 2008, the date of the announcement of the results for the yearΒ endedΒ 30 September 2008,Β to the date of this statement,Β no materialΒ commercial propertyΒ transactions have taken place.
During this period theΒ Company, as announced on theΒ 12 January 2009,Β purchasedΒ 97,000Β ordinary shares forΒ cancellation. The total considerationΒ including costs was Β£512,051Β which will be charged directly to retained earnings.
Activity in the Thames Valley commercial and residential property market continues to be at a much reduced level. The number of office lettings has fallen and those transactions completed indicate lower rental levels. A number of large corporates based within the Thames Valley are known to be looking for new headquarters office buildings but understandably in the current climate decisions are being delayed. In view of the uncertain financial climate and additional costs the government has imposed upon empty buildings, very little speculative development activity is taking place. Despite the reduction in interest rates commercial and residential property values have seen a further decline from which the group is not immune.
At Datchet Meadows,Β Slough,Β planning approval for a further two apartmentsΒ has beenΒ granted. Works are now underway to completeΒ these units. The development was completed at the end of last year andΒ whilst sales have been slow the alternative strategy of short term lettings has resulted inΒ six lettings being completed. TheΒ lack ofΒ confidence in the market andΒ restrictedΒ availability of suitable mortgage funding remains a concern.
AtΒ Cowbridge Road,Β CardiffΒ planning approval for 24 apartmentsΒ has beenΒ granted.Β The building is currently occupied on a medium term lease and any development is unlikely to proceed in the short term.
The group, including Campmoss Property Company Limited, our 47.62% jointly controlled entity, continues to actively manage its property portfolio. Detailed discussions with planning authorities in respect of properties at Tangley Place, Worplesdon and Market Street, Bracknell continue.
There have been no significant changes in the financial position of theΒ CompanyΒ since the publication of the results for the year endingΒ 30 September 2008.
The final dividend of 9 pence per share in respect of the year endedΒ 30 September 2008Β will be paid to shareholders onΒ 12 February 2009.
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Arbuthnot Securities Richard Johnson 020 7012 2000
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