Sutton Harbour Hldgs - Independent Valuation of Company Property Assets
The valuation records an overall increase, compared to the last valuation of 10 months ago as at 31 March 2018, to £45.700m (2018: £42.655m) representing an increase of 7.14%.
The valuation movement comprises an uplift in the valuation of owner occupied operational property assets to £26.275m (2018: £23.600m), an increase of 11.33%. This follows a successful period at the Marinas with new lettings of space within the Sutton Marina estate and improved berthing revenue. The value of King Point Marina reflects the new lease agreement with Princess Yachts and the resultant improving profitability from the asset. The Fisheries and Car Parking asset valuations were on par with the March 2018 position.
The investment property portfolio valuation is up to £19.425m (2018: £19.055m), an increase of 1.94%. The main contributor to the valuation increase has been the uplift at North Quay House following a new letting in the year. Generally, the Company has been pleased with increasing activity and a number of other new lettings of vacant space.
Land assets classified as development inventory are not included in the scope of the above mentioned property valuation report.