Capital Properties profit up 25.7pc

Monday 15 November 2004

Wellington-based Capital Properties has been reaping the benefits of a seller's market for good quality office space, reporting a 25.7 per cent rise in after-tax profit in the six months to September 30.

By The Landlord

The company announced yesterday half-year profits after tax had jumped to $9.1 million from $7.2 million compared with the same period last year.

Chief executive Chris Gudgeon said the result was driven by high occupancy rates and good rental incomes in a continuing robust property market.

In the most recent round of three-yearly reviews, rents had risen between 14 and 22 per cent, he said.

"In Wellington, what we are seeing is ongoing good demand for office space and the government is quite a significant part of that, and on the supply side, there is limited new development."

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