Slough chairman predicts healthy property revival
Friday 30 August 1996
Slough's shares climbed 10p to a high for the year of 247.5p on the profits rise from pounds 32.8m to pounds 37.4m, accompanied by a increase in the interim dividend from 3.1p to 3.25p.
Sir Nigel Mobbs, chairman of Slough, said: "The first point to make is we have seen a better underlying trend in our core portfolio."
Business confidence has improved in the UK, leading to increases in leases and better rental levels. However, he said the recovery was very different from the unsustainable boom conditions of the 1980s.
"What we're seeing this time is that the improvement is being driven by genuine occupancy interest whereas in the 1980s it was being driven by investment interest. This is a much healthier system," he said.
Sir Nigel said businesses were keen to improve their accommodation and this was driving up the interest and resulting in increased rental levels: "The current development programme which is under way will amount to about 2.5 million sq ft by the year end."
He said much of the development was redevelopment of sites and demand for new land had not emerged as it was "not yet fully economic".
While there was a risk that speculative developments had been overdone in central London, this was not the case in the outer areas of the capital where Slough operated, Sir Nigel said. He confirmed a strengthening of rental levels was continuing, and would gain momentum next year.
- 1 Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
- 2 Dutch King Willem-Alexander declares the end of the welfare state
- 3 A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
- 4 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks busy Dublin road
- 5 'Cool kids' can go on to become losers in later life, study finds
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Edward Heath 'child sex abuse' allegation: Investigation to be held into Wiltshire police handling of alleged claim in the 1990s
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
Up to 70k DOE: Guru Careers: We are seeking an experienced Financial Director ...
£11000 - £50000 per annum: Recruitment Genius: This financial company offer ma...