Residential property group FairBriar has announced that it intends to expand its serviced apartment management business through a joint venture with Fraser Serviced Residences.
The firm said the link-up was an important step in growing this area of its business. Fraser Serviced Residences, a subsidiary of Centrepoint Properties, has an expanding portfolio of serviced apartments.

FairBriar’s pre-tax profit increased to £4.82m from £4.1m for the year to 30 September 2001. Group turnover grew from £20.75m to £42.9m and earnings per share rose to 14.2p from 14.1p last year.

The company has recommended a final dividend, to be paid on 8 May, of 1.1p. This is up from 1p last year and brings the total dividend for the year to 2p.

Kevin McCabe, FairBriar chairman, said the group’s future was looking bright. He said: “This has been a year of substantial progress for the group. With low finance costs and healthy demand in sales and rentals, we look forward to the coming year with optimism.”

The firm expects its large residential joint venture at Wandsworth Riverside, south London, to contribute earnings in 2003 and 2004. It also expects regular project management fees from its many joint venture transactions to provide a “material contribution” towards group overheads in the coming year.