The commercial property market in Yorkshire is recovering, according to St Modwen Properties, which saw profits rise by 68 per cent to £138m.
St Modwen said it had seen an upturn in occupier demand for their income-producing properties in the region and that it had secured 23 new leases totalling over 130,000 sq ft over the past year.
Richard Bannister, Yorkshire and the North East regional manager at St Modwen, said: “The commercial property market across Yorkshire and the North East has continued its recovery through 2014.”
He added: “These leases, together with new acquisitions, have added over £2.2m to the region’s gross rent roll.
“The sale of Interchange Industrial Estate in Rotherham in October further underlined the growing strength of the investment market in the region.”
The Midlands-based firm, where property profits were up 45 per cent, said its hands-on approach to active asset management has enabled it to add value and make meaningful improvements to properties in its portfolio.
“As the market continues to improve across the region, we intend to increase our commercial development pipeline,” added Mr Bannister.
Bill Oliver, chief executive of St Modwen, said: “Across the UK, we continued to grow the business, capitalising on the upturn in the regional property market and we look forward to continuing this level of success throughout the coming year.”