11th Apr 2014 10:54
LONDON (Alliance News) - Formation Group PLC Friday said that its subsidiary Formation Homes London Ltd has exchanged contracts to acquire a development site on Iverson Road in North West London for GBP5.9 million.
The construction, property development and management firm said the development site is at 159-161 Iverson Road in West Hampstead in north west London. The development consists of 19 apartments and 1 commercial unit, and has a timetable of 16 months to complete.
Formation said it has already paid a deposit of GBP590,000, with the remaining balance payable on completion in October.
It said that it will support the acquisition and development costs with a combination of bank funding and cash from its own resources.
The firm also said that it intends to seek out other development opportunities within London and the South East.
Formation Group shares were up 7.3% Friday at 1.85 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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