9th Apr 2014 07:48
LONDON (Alliance News) - Development Securities PLC Wednesday said it has sold a mixed-use site in Watford to an unnamed housebuilder and the Chorlton Cross Shopping Centre in Chorlton-cum-Hardy to the Greater Manchester Property Venture Fund for a combined GBP15.7 million.
In a joint venture with property company Landchain, the firm sold the first phase of a 3.4 acre mixed-use site in Watford, which includes 107 residential units, for GBP5.6 million. The remaining element of the site contains a 37,000 square foot office building, Rembrandt House, which presents options for refurbishment or redevelopment in the near to medium-term.
The Chorlton shopping centre, which was initially acquired in November 2011 at a yield of 8.44%, was sold for GBP10.1 million.
"Both of these assets were acquired in 2011 and since then we have added considerable value through proactive asset management and enhancement," Matthew Weiner, a director at Development Securities said in a statement.
Development Securities shares were untraded at 236.00 pence early Wednesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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