11th Feb 2014 09:53
LONDON (Alliance News) - The Conygar Investment Co PLC Tuesday said it has sold a 63,000-square-foot freehold office building for some GBP625,000 above its September valuation of the property. Conygar said it sold Brunswick Point, Leeds for GBP6.6 million.
"We are pleased to have taken the opportunity presented by an improving market to dispose of two of our more challenging assets, thereby significantly reducing our vacancy rate and avoiding annual empty property costs of GBP610,000. Combined with our other asset management initiatives, I would anticipate the vacancy rate to continue to reduce and for irrecoverable costs to fall significantly," Robert Ware, chief executive, said in a statement.
The company said that although the rent previously payable by Clydesdale Bank was GBP390,000 a year, it will save void costs of around GBP420,000 a year.
The company's shares were Tuesday trading flat at 174.00 pence each.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Conygar Inv