Stobart Group has said a £25m windfall generated by a property sale this month will be held in cash pending reinvestment or used to repay debt. The windfall results from the sale by Stobart’s estates division of an investment property at Admiral Retail Park, in Eastbourne, which the firm took on in February 2012 for £22.1m, estates division CEO Richard Butcher told Motortransport.co.uk. Around £600,000 has been spent on improvements to the site during that period, he added. The deal […]
A property revaluation was responsible for scuppering the bottom line at Bradford-based Expect Distribution in the year to the end of November 2012. It was enough to turn the previous year’s profit before tax of £432,500 into a loss of more than £943,700, despite a 14% rise in turnover from £15.8m to £18.1m.
Whether they have been forced to consider second-hand space because of a lack of new buildings or prefer it for cost reasons, occupiers have become used to a wide choice of warehouses. Now, however, they are facing a reduced supply.