Another year of strong performance
We can today report our full year results for the year ending 30th September 2016. Highlights included:
- The sale of our largest Centre, Development House in Old Street, London for £37.4m and the purchase of its replacement, The Green House in Bethnal Green. This will become home to double the number of tenants
- An increase in Net Asset Value of 76%
- A 20% growth in Profit from Ordinary Activities to £483,534
- A reduction of 17% in carbon emissions per m2
- Providing workspace to over 1,000 charities, voluntary groups, social enterprises and small businesses.
We continue to demonstrate that it is possible for businesses to deliver social impact, be environmentally conscious and commercially successful. In response to rising demand for affordable, flexible and supportive workspace, we plan to double the size of our portfolio over the next four years. We have made a major step towards achieving this by successfully completing two of our largest ever transactions, selling our Development House property in Old Street, London and securing a new site in Bethnal Green, London (The Green House) which will offer twice the amount of workspace of the former building.
Performance across the Company has remained strong with occupancy levels of 95% - significantly higher than industry norms. We are also delighted to have been recognised as one of the ‘Best places work in Property in 2016’, by Property Week magazine.
Susan Ralphs, our Managing Director, said: “2016 has been a transformational year for us. We have completed two of our biggest deals, whilst continuing to maintain a strong underlying performance. Looking forward, the business is set to go from strength to strength - we are seeing a huge rise in demand for our workspace and more investors wanting to make money whilst doing good”.
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If you have any questions, please email simon [at] ethicalproperty.co.uk