Mucklow planning to regenerate Tyseley
BLACK Country property developer and investor A&J Mucklow is planning to regenerate a large swathe of land in inner city Birmingham.
Together with Helical Retail, it has put in an outline planning application for a mixed use development, including its own 20 acre site, in the Tyseley area.
The proposal is to regenerate the 33 acre site with highway improvements, a supermarket, non-food retail, housing and industrial units.The firm suggests the scheme could create more than 1,000 jobs.
Meanwhile, Mucklow chairman Rupert Mucklow reports it has made good progress in the six months to the end of 2011.
The Halesowen plc, which celebrates 50 years as a listed company in April,
saw a 19% improvement in underlying pre-tax profit – rising by $1.1m to £6.8m – and an increase in its net rental income of £1.2n (to £9.7m).
Pre-tax profit for the half year was lower at £1.9m (2010: £4.8m). The reduction was mainly due to a £6.6m deficit.
Its occupancy level has risen to 93.5%, despite the current economic environment. However, Mucklow reports property values have “started to drift”, reflecting a decline in investor appetite for risk and uncertainty in the debt markets.
The group reports that after a very quiet summer, letting activity surprisingly picked up a little before Christmas and has continued into the New Year.
Most of its lettings were to existing tenants, looking to consolidate or expand into modern properties. Mucklow says a shortage of good quality industrial space in the Midlands continues to help it to maintain rental levels and a high occupancy rate.
Mucklow did not acquire any investment properties during the six month period but since the half year end it has bought a 15,800 sq ft office building in Coventry for £1.5m.
