Property group Mucklow warns of Brexit caution

At its annual shareholders' meeting today, the Halesowen-based company updated on trading over the last four and half months, saying vacancies at its properties were at a record low while the regional market 'has continued to perform well' with strong demand from investors.

Mucklow owns industrial and commercial property across the Black Country and the wider West Midlands,

Company chairman Rupert Mucklow added: "However, we are starting to see signs of caution from some occupiers due, we believe, to uncertainty over Brexit negotiations.

"Although we do not anticipate any significant change in our occupancy level, or a decline in rental income over the next six months, we expect the letting of our remaining vacant properties to become more challenging, with occupational decisions taking longer."

The company has recently secured detailed planning consent and appointed a contract for its Mucklow Park site at Tyseley in Birmingham. The eight units, totalling 135,000 sq ft, are due to be complete next October and are already 45% pre-let.

Mr Mucklow said the company's balance sheet was in good health, with net borrowings of £73.7m against a property investment portfolio worth £433.5m.

Mr Mucklow is taking over as managing director from the start of next year after the departure of Justin Parker and until a new CEO is recruited. After that Mr Mucklow will take on the role of non-executive chairman.