11th Oct 2013 08:57
LONDON (Alliance News) - Pitcon Property Income Ltd Friday said it has now fully let its Stanford House property in Central London's Convent Garden, and has gained planning permission to change the upper parts of the building from office to residential use.
The property investment company said it has received planning approval to convert 8,900 square feet of office accommodation into 10 residential units. However, the conversion won't begin until 2015 at the earliest because it has secured income on the offices in the upper part of the building until then.
"In the interim, the company is reviewing options for an enlarged, higher density scheme," it said in the statement.
It said it had let the remaining parts of the third floor of the building, 3,265 square foot, at GBP170,000 per annum, or GBP53.00 a square foot, after a refurbishment. It said that this is 3% ahead of the estimated rental value at June 30.
Picton shares were trading 0.5% higher Friday morning, at 51.50 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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