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."


Read More - Opens in a new window
Commenting is closed

Property News

Major industrial development powers on

It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer