13th Oct 2014 09:12
LONDON (Alliance News) - Picton Property Income Ltd said Monday that it has secured planning permission for the development of a retail and residential scheme at its six acre Westlea Campus site in Swindon.
The income-focused, property investment company said the approval follows submission of a planning application in April this year to convert the former office scheme into a 15,000 square foot foodstore and up to 70 residential units.
Picton exchanged with discount supermarket Aldi earlier in the year to sell a 1.6 acre retail element of the site, subject to receipt of planning permission. "With this resolution secured, the contract will now become unconditional once the s.106 agreement is finalised and the judicial review process is complete," said the company.
The investment company also said Monday that the remaining 4.4 acre site, which has outline residential planning consent, will now be brought forward for disposal in the coming months.
"We are really pleased to have achieved this approval within such a short period of time. We are shortly in a position to realise the valuation upside from this asset management initiative and will look to reinvest the proceeds into income producing assets in due course," said Chief Executive of Picton Capital, Michael Morris.
The company recorded net assets of GBP258.9 million as of June 30, 2014, with approximately 870 investors.
In September the company bought a freehold city centre retail property in Peterborough, Cambridgeshire for nearly GBP9.1 million, reflecting a net initial yield of 6.5%.
Picton Property Income shares were Monday trading 0.24% higher at 62.15 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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