Value of Mailbox rises at REIT swings back into the black
Mailbox REIT has seen an increase of 2.6% in the valuation of the Mailbox in Birmingham to £185.5m, it posted in its first annual report as a public listed company this morning (March 31).
The company said took £10.3m in rent during the period – down on the £11m in 2020. At 16 March 2022, 97% of total contracted rents for 2021 were received. At the same date, the group collected 99% of the December 2021 quarter day’s contracted rent.
Mailbox REIT it is now back in the black, posting a profit before tax of £1.8m against a loss of £22.4m in 2020.
Stephen Barter, chairman of Mailbox REIT said: “This performance both underlines Mailbox’s potential as a prime regional office-led, mixed-use asset and demonstrates our ability to deliver on the goals set out at IPO, particularly against a backdrop of a more confident economic outlook for the UK, and particularly for Birmingham and other main regional cities. Our asset management team have been very determined capturing renewed occupier confidence by leasing over 15,000 sq ft of office and food & beverage space, bringing our vacancy to below 5% and adding some £400,000 to the rent roll after rent-frees.
“We have also prioritised our focus on improving the Mailbox’s sustainability, formalising our approach by launching our pathway to net zero, targeting 2030 for landlord operations and 2040 for all operations. This is not only the right thing to do from a wider perspective but also has a direct impact on returns, helping negotiations with future and existing tenants and leading to an immediate improvement in energy efficiency, with over £60,000 of annualised cost savings already achieved by replacing lighting in common areas.
“With the UK beginning to return to normal after a tumultuous couple of years under the shadow of the pandemic, albeit against the background of the tragic events unfolding in the Ukraine, I now look forward to the future with continued confidence in both the resilience and potential for growth of Mailbox REIT.”
