1st Aug 2014 08:37
LONDON (Alliance News) - Urban&Civic PLC, which was acquired by property investor Terrace Hill Group PLC in a reverse takeover in April, Friday said it has made good progress on its all developments against a backdrop of a strong market.
The company said the integration of the two businesses has progressed well and the benefits of joining management teams with "complementary skill sets have become clearly evident, most especially in combined project management on its strategic sites where infrastructure send is beginning to accelerate."
At an operating level, the company received planning consent for an additional two floors at its vacant waterside office block in Bristol. Construction on the residential conversion into 59 high-specification apartments will start shortly. Joint selling agents have been appointed and current gross development value is estimated at GBP14.1 million on assumed average sales receipts of GBP325 per square feet.
A town centre hotel and leisure development in Darlington centred around a new nine screen cinema will also start on site in September. Total projected spend is GBP19 million.
In addition, a 15 year lease to Dong Energy has been signed on 80,000 square feet at Howick Place in Victoria.
Financially, the company said its financial position remains unchanged since the end of May with net assets at around GBp315 million.
The stock was quoted down 0.8% at 236.00 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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