12th Nov 2013 10:50
LONDON (Alliance News) - Development Securities PLC Tuesday said it has acquired an office building in Sevenoaks, West Kent from administrators acting on behalf of Lloyds Banking Group PLC, in a deal worth GBP5.5 million.
Although Tubs Hill House has a current vacancy rate of 66%, the firm said the building presents a number of options for asset management and enhancement in order to maximise value.
The 1960's development consists of two office towers, connected at ground level by a central reception area. The offices are in good condition having been refurbished on a rolling basis by the previous owner.
Tubs Hill House is 200 metres from Sevenoaks mainline train station and around 300 metres from Sevenoaks town centre.
The stock was trading at 241.62 Tuesday morning, up 1.62 pence or 0.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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