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"Pearl however said its current renovations had affected its rental yield.
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Listed property group Pearl Properties says it recorded a rental income of $3,9 million compared to $3,3 million the previous year.
The property company’s average rental per square metre increased by 33,97% to $6,3 compared to $4,71, translating to a yield of 9,1 percent compared to 9,2 the previous year.
The company which has a portfolio of 43 properties said its Greendale 38 unit cluster home project was progressing according to plan with construction set to begin in September.
Pearl however said its current renovations had affected its rental yield.
“The on-going property refurbishment of properties in the portfolio and the prevalence of low quality tenants resulted in the vacant space increasing to 17,22 percent of the total lettable area as at 30 June 2011 (FY2010:12,62 percent),”the company said.
Pearl recorded a profit before tax of $2,9 million compared to 42,7 million ,a 5,4 percent increase and $5,4 million for the full year 2010.
The property company’s average rental per square metre increased by 33,97% to $6,3 compared to $4,71, translating to a yield of 9,1 percent compared to 9,2 the previous year.
The company which has a portfolio of 43 properties said its Greendale 38 unit cluster home project was progressing according to plan with construction set to begin in September.
Pearl however said its current renovations had affected its rental yield.
“The on-going property refurbishment of properties in the portfolio and the prevalence of low quality tenants resulted in the vacant space increasing to 17,22 percent of the total lettable area as at 30 June 2011 (FY2010:12,62 percent),”the company said.
Pearl recorded a profit before tax of $2,9 million compared to 42,7 million ,a 5,4 percent increase and $5,4 million for the full year 2010.
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