A £100 million scheme to revamp the Pallasades shopping centre in Birmingham could be completed within four years - depending on what engineering work is required to improve New Street station, it emerged yesterday.
Warner Estate Holdings, which acquired the Pallasades late last year in a £152 million joint venture deal with Bank of Scotland, has appointed Reid Architects to look at proposals for the much-criticised shop-ping centre, which sits above the railway station.
Michael Stevens, Warner property director, yesterday said it was hoped that a planning application for the 'Gateway 1' scheme could be hammered out in about 12 months.
However, Mr Stevens stressed that Warner also hopes to dovetail its proposals with those of Network Rail in its redevelopment of the station. Coordinating the two schemes would also reduce the length of disruption caused by the work.
Meanwhile, Warner Estate yesterday posted a 22 per cent rise in full-year net asset value per share, up from 540p to 660p, as its total portfolio increased 131 per cent to £2.5 billion - reflecting the successful integration of Ashtenne Holdings which was acquired in May 2005.
The company, which also owns a number of large warehouses in the West Midlands, is proposing to lift its total dividend payment by 6.8 per cent to 19.5 pence from 18.25 pence.
Pretax profit, including joint ventures and associates for the year ended March 31, came in at £99.1 million against £58.6 million a year earlier.
Chairman Philip Warner told shareholders: "Five years ago the group embarked upon building an asset management business with an emphasis on the quality and quantity of income.
"Last year's transactions illustrate particularly well the progress which has been made from the wholly-owned £290 million portfolio in March 2001 to the £2.5 billion of property under management at this year end, with the owner-ship structure moving to include 50:50 joint ventures and multi investor funds as the group established its reputation."
He added: "The group is well placed to benefit from the sustained strong performance of the commercial property market." ..SUPL:
