Commercial property investment and development group Network Space has nearly doubled last year’s pre-tax profits to an impressive £19.2 million, as a result of a restructure and rebranding project that was completed in June 2015 and saw the name changed to what we know it as now.
The Newton-le-Willows based company has been focusing its work on the industrial property market, and this saw the business’s underlying net asset value soar 21% due to the success of each of the group’s operations, in what are record breaking figures for the property specialists.
“For our first year as Network Space I am delighted to report such an excellent performance, especially since it is a consequence of success on all operational fronts” commented Richard Ainscough, the Group Managing Director at Network Space. “We have continued to refine the investment portfolio, completed a number of developments, given the green-light to multiple new projects and have secured several new opportunities.”
In what was been an extremely busy year for the company, the team has managed to increase lease term and rental values, and a great end result has been achieved due to the hard work and dedication of the staff who have risen to the challenge and taken advantage of the market opportunities.
“Since the EU referendum we have bought eight properties for a total of £15.5m and in 2017 we expect to be on-site delivering 12 new industrial buildings totalling 300,000sq ft in St Helens, Knowsley and Stoke” Ainscough continued. “We continue to buy quality investment property and development land and we are making significant investments in our management systems to give us greater scalability – we are looking forward to a very exciting future.”
Network Space will begin 2017 with funds in excess of £30 million, meaning that the future is bright for investment and development.