Highcroft Investments PLC Commerical Property Disposal (8898D)
02 Aprile 2014 - 3:59PM
UK Regulatory
TIDMHCFT
RNS Number : 8898D
Highcroft Investments PLC
02 April 2014
HIGHCROFT INVESTMENTS PLC
2(nd) April 2014
Commercial Property Disposal
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC) has
today agreed the sale of a freehold office building in Queen
Square, Bristol to National Deposit Friendly Society Limited. The
property achieved in excess of the December 2013 valuation and it
is expected that contracts will be completed within one week.
The property comprises a listed office building fronting onto
Queen Square, Bristol providing approximately 14,624 sq ft of
offices on ground to fourth floors together with 12 car parking
spaces in the basement. The property had been let to Royal Sun
Alliance (RSA) until the end of 2013 and since then to 2 of the 3
former subtenants of RSA; the majority of the income was due to
expire in May this year. Contracts on the sale of the freehold have
been exchanged at GBP2,270,000 which reflects a figure of GBP155
per square foot and is 51.3% in excess of the December 2013
valuation of GBP1,500,000.
Highcroft intends to use the proceeds of GBP2,270,000 to
continue its strategy of identifying and investing in properties in
the attractive market that sits between private investors and
larger corporate property investors.
Commenting on the disposal Chief Executive Simon Gill said:
"This was a timely disposal; the property had been let to RSA for a
long period and the head-lease expired just prior to Christmas, at
which time we inherited one subtenant and another entered into a
new lease of one floor. The building was due to become mostly
vacant in May this year and, with a difficult letting market, a
sale was the optimum solution. I feel that the sale proceeds can be
better invested elsewhere into more attractive property investments
that more closely match our current investment criteria. "
For further information, contact:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J. Carlean / Karri Vuori 0207 149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
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