27th Apr 2015 07:36
LONDON (Alliance News) - Property investor Conygar Investment Co PLC on Monday said it has sold the Norfolk House property in Birmingham for GBP12.3 million.
Conygar said the 115,000 square foot office had just over 19,000 square feet vacant at the point of sale, with 51,000 square feet to become vacant in the next six months. It produced an annual rental income of GBP915,000.
Conygar said the deal, combined with the GBP4.8 million sale of the Geoffrey House property in Maidenhead, reduces its overall portfolio vacancy rate to 11.8% from 18.2% at the end of September 2014.
"We are pleased to have disposed of Norfolk House at a decent premium whilst also significantly reducing our vacancy rate and associated empty property costs," said Conygar Chief Executive Robert Ware.
Shares in Conygar were down 0.3% to 183.50 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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