Liverpool ONE

Liverpool ONE boosts Grosvenor Group

Simon Donohue

Liverpool ONE had a net asset value of £300m and exceeded footfall of 26 million people last year, according to the Grosvenor Group.

Details of the Paradise Street development's success were contained in the 2012 annual report from Grosvenor Group, which has a 19.6% stake in Liverpool ONE through its Grosvenor Liverpool Fund.

Grosvenor, the property group owned by the Duke of Westminster, reported increased revenue profits in 2012, up by 8.2% to £87.4m, reflecting lower costs and higher income.

Total return, which includes the impact of property revaluations, was 7.2% in 2012, compared with 9.0% the previous year.

Pre-tax profit, including changes in property values, rose from £315m to £354.4m.

The biggest contributor to higher profits came from the Grosvenor Britain & Ireland division, reflecting the strong property market in central London as well as improved operational performance and value added from active management.

Mark Preston, chief executive of Grosvenor, said: "This is another year of strong performance from Grosvenor with our London portfolio again contributing significantly.

"Looking ahead, our confidence in the future of the cities in which we are active around the world is reflected in a further rise in the value of our international development pipeline, from £3bn to £3.4bn."

Within revenue profit, which excludes changes in property values, gross rents were maintained at £309.1m (2011:£309.2m).

Overheads were lower for the third successive year, down by 2.8% to £117.1m (2011: £120.5m), reflecting the continued focus on managing costs across the group.

Fees from fund management and development activity and other income increased 4.0% to £57.0m (2011: £54.8m).

Shareholders' funds increased 7.8% to £3.08bn (2011: £2.85bn) and now stand at their highest ever level.

Total assets under management were slightly down at £12.2bn (2011: £12.5bn) but within that Grosvenor's share of property assets was stable at £5.8bn (2011: £5.8bn).

Your Comments

Is there no way you can get money off your parking say 2hrs free or something if you have bought something as the parking costs in Q Park are horrendous! That puts me off going.

By Annie Baines

Great news, not surprising though!

By Northerner

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