Completion of Acquisition
12 Juillet 2007 - 9:01AM
UK Regulatory
Completion of Acquisition
12 July 2007
Property Recycling Group plc
("Property Recycling")
Completion of Acquisition at Colsterworth
Property Recycling (AIM: PROP), which acquires and prepares
brownfield sites for development, announces that it has completed the
acquisition of the 8.09 hectare site (20 acres) at Colsterworth in
Lincolnshire. The exchange of conditional contracts was announced
earlier this year.
The site is located adjacent to the A1, midway between Stamford and
Grantham, and has planning consent for general industrial, storage
and distribution use. It has 18 buildings covering a total area of
20,300 sq m (218,500 sq ft). Approximately 13,500 sq m (145,300 sq
ft) is tenanted on short term leases, generating approximately
�410,000 per annum, with 6,800 sq m (73,200 sq ft) available to let,
which would produce another �180,000 per annum. There is also a
potential for a further 12,000 sq m (129,200 sq ft) of new
development on the property.
Commenting on the acquisition, Paul Rackham, chairman, said, "This
property is well located and already has planning permission for
general industrial, storage and distribution use. The site has
significant potential through increasing the number of buildings or
complete redevelopment. "
-Ends-
Paul Rackham, Chairman, 01953 717176
Property Recycling Group plc
Richard Sunderland / Rachel Drysdale, 020 7920 3150
Tavistock Communications
John Webb, 020 7490 3788
Marshall Securities, Nominated adviser
Visit our website: propertyrecycling.co.uk
Notes to Editors
Property Recycling, which floated on AIM in 2005, specialises in
acquiring and improving brownfield sites for sale to developers or
future end users. The Group selects sites where value can be
increased significantly through remedial works and improved planning.
The Norfolk based company operates against a backdrop of an ever
increasing national shortage of residential and commercial
development land, a pressure felt particularly in the South East and
East of England. The directors believe that the development of
brownfield sites - predominately redundant industrial sites - is more
likely to gain local acceptance than that of greenfield sites.
This approach also provides the possibility of significant amenity
improvements.
Following this acquisition, the Group's portfolio comprises 6
freehold sites totalling 207.9 hectares (513.7 acres).
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