Picton Property reports solid asset management progress

Picton Property Income announced significant developments in its asset management strategy on Monday.

The London-listed company said it had completed lettings with a combined annual rental income of £0.8m - 4% above the estimated rental value as of 31 March.

It said the lettings encompassed 31,500 square feet of industrial space in Bracknell and Warrington, along with a 13,000 square foot office space at Tower Wharf in Bristol, where an existing tenant had expanded its occupancy by 140%.

The successful lettings, coupled with the disposal of Angel Gate in London EC1, had increased the proforma occupancy of Picton's portfolio to 93%, up from 91% on 31 March.

In terms of office repositioning, Picton also reported notable progress.

At Charlotte Terrace in London W14, the company had secured planning permission to convert void office space into six residential units.

Additionally, at Longcross in Cardiff, the purchaser had submitted a planning application to transform a largely vacant office building into student accommodation comprising 706 units.

Tht development was expected to result in a sale price approximately 20% above the March valuation, contingent on obtaining satisfactory planning permission.

At 0826 BST, shares in Picton Property Income were up 0.47% at 64.5p.

Reporting by Josh White for Sharecast.com.