The ethical housing investor and developer revealed in its half-year results that rents received in the six months to the end of September rose to £79,023 from £67,650 in the same period of 2019. The loss before tax narrowed to £52,293 from £92,200.
The company also said it had sold its leasehold property in Southfields for £660,000 (before costs), a price that represents a 5.7% discount to the property’s valuation as at the end of March 2020.
“We are pleased to have completed the transaction despite the ongoing economic uncertainty,” said Joe McTaggart, the chief executive officer of Walls & Futures in the statement.
“We will seek to dispose of our last residential property asset in London in the coming months and recycle the capital to make further investments and develop Specialist Supported Housing, where we have successfully delivered raised the bar and delivered innovative housing.
“This development strategy has enabled us to increase our net asset value (during the previous 6 months) and revenues in a sector which, unlike commercial property, has largely been unaffected by the economic fallout of Covid-19,” McTaggart added.