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Commercial Property News
Hawtin brings occupancy up from 59% to 94%
Hawtin Plc, the south Wales based AIM-listed property investment company, said today in a pre-AGM statement that it had completed the sale of Walton Road, Portsmouth for £4.35million. This 85,395 sq.ft site had been empty for almost a year after Spaform, its previous tenants overseas owners closed their UK operations.
Hawtin said it is not overly optimistic about future growth in the regional property market, and they are constrained from growth by the constraints on bank lending, though they didn't mention that they have too much of it right now.
At the end of 2007 Hawtin's Loan to Value (LTV) ratio on all but the leisure part of the portfolio was 79%. Hawtin's portfolio is currently at 87% LTV, a low increase in comparison to the general trend, where UK commercial values have fallen on average by 44% since that time.
At 30 June 2009 Hawtin had some 41% of their properties empty; if the letting of their last major void, The Gateway, Abercynon, a 60,000 sq.ft industrial property currently subject to a Tenancy at Will, where the tenant is now responsible for defraying the empty rates costs, whilst it gains authorisation from its overseas owners to enter into a term lease is approved the void rate will be 6%. That 6% will largely be represented by some 40,000 sq.ft of un-let space in the Millenium Plaza, Cardiff of which 14,500 sq.ft is under offer.
Hawtin said it is not overly optimistic about future growth in the regional property market, and they are constrained from growth by the constraints on bank lending, though they didn't mention that they have too much of it right now.
At the end of 2007 Hawtin's Loan to Value (LTV) ratio on all but the leisure part of the portfolio was 79%. Hawtin's portfolio is currently at 87% LTV, a low increase in comparison to the general trend, where UK commercial values have fallen on average by 44% since that time.
At 30 June 2009 Hawtin had some 41% of their properties empty; if the letting of their last major void, The Gateway, Abercynon, a 60,000 sq.ft industrial property currently subject to a Tenancy at Will, where the tenant is now responsible for defraying the empty rates costs, whilst it gains authorisation from its overseas owners to enter into a term lease is approved the void rate will be 6%. That 6% will largely be represented by some 40,000 sq.ft of un-let space in the Millenium Plaza, Cardiff of which 14,500 sq.ft is under offer.
Wed, 30th Jun 2010