Landmark reports £1.2m profit
Bolton-based ground rents specialist, Landmark Investments Group, said pre-tax profits leapt 162% in the past year after doubling the size of its portfolio.
Set up in 2000 by Mark Hawthorn, Landmark Investments Group's main area of activity is the purchase of ground rents, the underlying freehold which enables smaller but more stable long-term incomes, of residential and commercial properties.
In the past year Landmark completed its first commercial investment, a 42-acre site in Strangeways, Manchester acquired from a private investor.
The deal helped lift the value of the portfolio from £8.5m to £15m, with further residential ground rent purchases across the North West and London.
The business also diversified out of property, investing into ThermaVein, a cosmetic medical treatment which removes visible facial veins. Sales are expected to exceed £2m this year.
Mark Hawthorn said: "Last year was the most successful yet for Landmark Investments Group, we achieved several major deals including our first commercial ground rent portfolio and diversified outside of property with our ThermaVein operation.
"While profit is pleasing we are an investment company and long-term thinkers; our real focus is to grow the portfolio which is now pushing £15m excluding non-property and likely to exceed £20m within the next 12 to 15 months.
"We are starting to make real progress with the development of a commercial ground rent model which will allow owners to release additional funds from assets whilst retaining them for the long term."
