Commercial mortgage news: Business real estate company expects profits to rise

18 April 2011

Written by Jenny Barrett

Commercial mortgage holders may be interested to hear that one business real estate developer is expecting to return to profit this year.

Speaking to nebusiness.co.uk, managing director of Adderstone Ian Baggett explained that the market was negatively affected by falling property values but people are still looking to buy space for their enterprises.

"There is still a demand for business parks or villages for small businesses who want their own front door," he said.

Mr Baggett stated that the company's results are currently much healthier than they were last year and he expects this trend to continue.

At the moment, the firm is working on the Saltwell Business Park in Gateshead and has now fully let its Quay West project in Sunderland, the news provider reported.

Founded in 2001, the Adderstone Group has over £100 million assets under management and five divisions, including construction, property development and real estate trading, all focusing on the north-east of England.

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