UK listed residential property owner and manager Grainger has reported total group sales for the ten months to 31 July 2014 of GBP236.5m (31 July 2013: GBP258.7m), generating an estimated profit from sales of GBP71.1m (31 July 2013: GBP59.1m).
Margins on vacant (normal) sales were approximately 48.6 per cent and prices achieved have been, on average, 12.7 per cent above September 2013 vacant possession value (31 July 2013: margins of 42.7 per cent and prices achieved 6.7 per cent above September 2012 vacant possession value).
Gross rents generated approximately GBP47.3m (31 July 2013: GBP61.4m), which are in line with expectations, following a number of asset sales in the prior year.
Rental growth, meanwhile, remains strong for assets held throughout the period, while fees and other income totalled GBP10.5m (31 July 2013: GBP9.9m).
Andrew Cunningham, chief executive of Grainger, says: “We have delivered a strong performance across all parts of the business over the period and we anticipate that our assets will continue to outperform the wider housing market. We continue to focus on generating shareholder value through investment, selective disposals, asset management and development opportunities, and the steady strengthening of the UK economy continues to underpin the progress of our business.”