All Points North hit by property slump

THE Cumbria property and development group All Points North has seen the deterioration of the property market eat into profits.

The group which has a number of commercial properties in Penrith, Kendal, Carlisle and Blackpool said the market had “deteriorated badly during the year”.

One of its tenants went out of business after All Points North’s March year-end, while it agreed rent reductions with several others.

“Fortunately, our major tenants appear to be fit and healthy and paying rent on time,” said the group.

Turnover dipped by 20% to £871,000 while pre-tax losses came in at £220,823. This compared with a £350,000 profit last time.

All Points North said it was now concentrating on letting out empty space at reduced rates, “rather than holding out for higher prices together with the inherent risk of not being able to find suitable tenants.”