Property company Dukemount Capital PLC (LON:DKE) said it believes it is now working with the right parties on the right projects.
The company, which floated in March 2017, conceded in its full-year results that progress had not been as rapid as had been hoped but it was now looking forward to pressing on with the two projects it has in its portfolio.
Supported living sector
The group, which is targeting properties in the supported living housing sector, is finalising plans to enhance both these projects and will make further announcements to the market on these properties as soon as appropriate.
As of yet, the company has no revenue. It made a loss before tax in the year to April 30 of £285,968, versus a loss the year before of £177,149.
The company ended the reporting period with cash and cash equivalents of £148,391.
“During the course of the year ... a redevelopment project was acquired on 7th September 2017 which aims to build retail space of approximately 3,200 square feet and 17 residential apartments for supported living tenants. As part of that project a 50-year lease with a supported living housing association has been agreed which expects to generate around £234,000 of income per annum which is CPI-linked,” said Geoffrey Dart, the executive chairman of Dukemount.
“On 11th June 2018 … the company signed a 30-year CPI-linked agreement-to-lease at £168,740 per annum with multi-award winning Inclusion Housing (Inclusion) and has agreed to exchange contracts with the vendor of the property subject to planning permission for additional rooms,” he added.