Highcroft Investments PLC Commercial Property Disposal (2981S)
06 Juillet 2015 - 4:59PM
UK Regulatory
TIDMHCFT
RNS Number : 2981S
Highcroft Investments PLC
06 July 2015
HIGHCROFT INVESTMENTS PLC
6 July 2015
Commercial Property Disposal
The Board is pleased to announce that Rodenhurst Estates Limited
(a property owning subsidiary of Highcroft Investments PLC) has
today, in line with the company's strategy, agreed the sale of one
of its properties at auction. The property achieved in excess of
its December 2014 valuation and it is expected that contracts will
be completed within six weeks.
The property, located in Warrington, consists of a purpose built
public house of 7,568 square feet and an adjacent retail shop unit
of 992 square feet, both arranged over ground and first floor
levels. The public house is let to J D Wetherspoon plc at a current
rent of GBP53,750 per annum for a term expiring in November 2039,
with a lessee option to break in November 2024. The retail unit is
let to Cash Converters UK Limited at a current rent of GBP22,500
per annum for a term expiring in September 2020. The property was
sold for GBP1,100,000 which was in excess of its December 2014
valuation of GBP950,000 and represents a net yield of 6.93% to the
purchaser.
Highcroft intends to use the proceeds 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 disposal achieved a good yield, in excess of the most recent
valuations. It will enable the group to continue to deliver on its
strategy of gradually changing the shape of its property portfolio
to enhance yields, improve the portfolio balance and increase the
average lot size, concentrating on more attractive assets with good
long term income, secured against strong covenants and where we
believe there to be good growth prospects,."
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
END
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