Latest news with #PacificHouse
BBC News
22-05-2025
- Automotive
- BBC News
New driving test centre approved in Reading after previous closure
A council has approved plans for a new driving test centre, more than a month after one closed down in Driver and Vehicle Standards Agency (DVSA) who conduct the tests, applied to convert an office at Pacific House in Imperial Way, Whitley, into a driving test centre in previous driving test centre in Elgar Road South, Reading closed last month and plans for 16 flats were approved by the government's planning inspectorate last year.A letter from the DVSA states: "The facility at this site is required by DVSA to meet the local need for car driving tests and the government's objective to reduce driving test waiting times." The plan shows the DVSA occupying Suite A of the building, which is on the ground office will be staffed by five examiners and one manager. Each examiner can conduct up to seven tests per day, meaning 35 tests can be taken on a typical would also be the capacity to have a total of 12 examiners working from the site in the site provides 10 parking spaces, with five additional spaces being leased by the DVSA at the Holiday Inn, a six-minute walk from Pacific DVSA has argued it needs to address a "backlog" of tests after it predicted around a million tests had been missed due to the coronavirus letter states: "The backlog of driving tests, coupled with increased demand, has subsequently meant that there has been a continued post-pandemic surge in people seeking to complete their driving tests."There are insufficient test slots to meet the demand."It added: "Learners are often left unable to find an available test for months in advance and are resorting to booking tests in areas of the UK miles away from their home."The DVSA is therefore actively and urgently working to invest in new test centres to address the backlog." You can follow BBC Berkshire on Facebook, X (Twitter), or Instagram.
Yahoo
14-05-2025
- Business
- Yahoo
Clipper Realty Inc (CLPR) Q1 2025 Earnings Call Highlights: Record Revenue and Strategic ...
Release Date: May 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Clipper Realty Inc (NYSE:CLPR) reported record revenue and residential rents for Q1 2025. The company achieved a 10.2% increase in quarterly revenue compared to the previous year. New leases exceeded prior rents by over 15% across the entire portfolio. The construction of 953 Dean Street in Brooklyn was completed on time and on budget. Clipper Realty Inc (NYSE:CLPR) successfully refinanced a construction loan with a new $160 million loan, providing additional funds for interest, operating expenses, and working capital. Property operating expenses increased by $1.5 million year-over-year, primarily due to higher payroll costs and legal expenses. Real estate taxes and insurance costs rose by $293,000 compared to the previous year. The company recorded a $33.8 million impairment charge related to the anticipated sale of 10 West 65th Street. Interest expenses decreased only slightly due to limited variable rate debt. The 2019 New York City Rent Act restricted the company's ability to raise rents as expected, impacting revenue potential. Warning! GuruFocus has detected 6 Warning Signs with CLPR. Q: Can you provide additional details on the 141 Livingston lease renewal, including potential new lease rates and any tenant improvements required? A: (David Ber, CEO) There are no tenant improvements necessary, and we hope to finalize the lease renewal in the next couple of weeks. Q: What were the main drivers behind the record revenue and residential rents in Q1 2025? A: (David Ber, CEO) The main driver was high rental demand, with overall rents at all-time highs and nearly full leasing. New leases exceeded prior rents by over 15% across the portfolio. Q: How did the construction and leasing progress at the 953 Dean Street development? A: (David Ber, CEO) Construction is substantially complete, on time and on budget. Leasing will commence on June 1st, in time for the summer season. Q: What is the status of the sale of 10 West 65th Street in Manhattan? A: (David Ber, CEO) We have entered into a contract to sell the property for $45.5 million, expecting to generate approximately $12 million after debt and costs. The transaction is expected to close in the second quarter. Q: How did the Pacific House development perform financially after a year of full operation? A: (David Ber, CEO) The Pacific House at 1,010 Pacific Street in Brooklyn is stabilized and contributing to cash flow after a year of full operation. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
