Soho Estates returns to profit
Soho Estates has swung swung back to a profit as the value of its portfolio rebounded.
The value of the total portfolio nudged up to £1.08bn from £1.06bn a year earlier, reflecting the revaluation and some purchases it made during the period.
The property group founded by the late porn baron Paul Raymond also sold off three buildings during the year for £41.6m, which it said was because of “the significant loss of rental payments” last year. The group said all three had been sold “at pre-Covid levels” as it booked a £5.4m profit on property disposals over the year.
Soho Estates has swung swung back to a profit as the value of its portfolio rebounded.
The value of the total portfolio nudged up to £1.08bn from £1.06bn a year earlier, reflecting the revaluation and some purchases it made during the period.
The property group founded by the late porn baron Paul Raymond also sold off three buildings during the year for £41.6m, which it said was because of “the significant loss of rental payments” last year. The group said all three had been sold “at pre-Covid levels” as it booked a £5.4m profit on property disposals over the year.
That, coupled with the upward revaluation, helped Soho Estates to post a pretax profit of £20.1m for the year, compared with a loss of £2.7m in 2020.
Soho Estates, which owns around 60 acres of central London, is controlled by Raymond’s two granddaughters, Fawn James and India Rose James. It is managed by their father John and chaired by Steven Norris, the former Conservative minister.
Last year it fell into the red after the value of its properties took a £16m pandemic-induced haircut.
However, in the year to the end of March, the value of the company’s underlying portfolio was lifted by £5.4m, according to disclosures lodged with Companies House.
The Times (£)
