Trident Estates plc has announced that refurbishment works on its Burger King property in Paceville are scheduled to begin in October 2025, following the expiry of the current lease.
The building recently drew public attention after a crack appeared in the façade of the overlying flats, sparking safety concerns in the area. However, an investigation by the Building and Construction Authority (BCA) confirmed that the crack was purely cosmetic and posed no structural risk.
While the issue was unrelated to the planned works, Trident said it would proceed with repairs as part of its broader strategy to optimise its property portfolio.
Stronger results on the back of Trident Park
For the six months ended 31st July 2025, the group reported revenue of €2.82 million, up from €2.51 million in the same period last year, mainly due to higher occupancy levels at Trident Park. Direct costs rose to €540,000 (2024: €457,000), largely reflecting professional fees tied to a strategic review of its property portfolio.
Administrative expenses remained stable at €530,000, while finance costs stood at €669,000, almost unchanged from last year. Profit before tax amounted to €1.13 million, compared with €909,000 in 2024. After tax, profit for the period reached €712,000 (2024: €684,000), including a deferred tax provision of €274,000.
At the end of the reporting period, the group had net current liabilities of €3.5 million and €1.9 million in undrawn bank facilities to cover upcoming project retentions.
Trident Park occupancy nears full capacity
Trident Park continues to be the group’s main driver of growth, with contracted occupancy now standing at 86 per cent. Most tenants have already taken up their leased spaces, while operational improvements are underway to enhance efficiency and customer experience.
Management noted that although the commercial real estate market remains oversupplied, the company is reconfiguring vacant units to match market demand and is actively working on leads to boost occupancy further.
Strategic assets under review
The group is also assessing the long-term future of Trident House in Marsa, currently home to Quintano Foods Ltd and Food Chain Ltd. Management confirmed that serious offers have been received for the site, which remains part of a broader strategic review of the company’s property portfolio.
Meanwhile, tenders have been issued for the restoration of the external fabric of Sliema Point Battery (Fortizza). Work is expected to commence towards the end of 2025, subject to Planning Authority approval. The current lease for the upper level has been extended until September 2025, with the option of further short-term renewals pending permits.
The Board said it expects revenue and profits from Trident Park to stabilise as occupancy reaches full capacity but remains “cautiously optimistic” about growth prospects. It added that its ongoing property portfolio review is designed to maximise long-term shareholder and stakeholder value.
