Highcroft Investments PLC Disposal (7683R)
14 Dicembre 2016 - 8:00AM
UK Regulatory
TIDMHCFT
RNS Number : 7683R
Highcroft Investments PLC
14 December 2016
HIGHCROFT INVESTMENTS PLC
14 December 2016
Commercial Property Disposal
The Board is pleased to announce that Rodenhurst Estates Limited
(the property owning subsidiary of Highcroft Investments PLC)
yesterday agreed the sale of its freehold interest in its property
at High Street, Staines to private investors. It is expected that
contracts will be completed within two months.
The property comprises three retail units with offices and
storage on the first floor; planning consent was recently obtained
to construct nine residential units on top of the existing
property. The rent is GBP134,650 pa. Contracts on the sale of the
freehold have been exchanged for an aggregate gross consideration
of GBP2,292,000 which is 52.8% in excess of the June 2016 valuation
of GBP1,500,000.
Highcroft intends to use the proceeds of GBP2,292,000 to
continue its strategy of investing in larger properties in the
south of England in the market that sits between private investors
and larger corporate property investors.
Commenting on the disposal Chief Executive Simon Gill said: "We
took the opportunity of applying for planning consent to
redevelop/extend this property at a time when there was growing
interest in developing this end of Staines High Street. The
marketing of the investment created a lot of interest resulting in
a good outcome for Highcroft. The sale proceeds will be reinvested
in a larger investment designed to meet our stated criteria of
providing good investor return and continued dividend growth".
For further information, contact:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840023
Panmure Gordon (UK) Limited
Karri Vuori / Fabien Holler
0207 886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
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