7th Feb 2006 07:01
Wichford plc07 February 2006 7 February 2006 Wichford PLC £25 million acquisition of Bradford building Wichford plc ("Wichford" or the "Company"), the property investment company,today announces the acquisition of Centenary Court, Forster Square, Bradford for£25,250,000 from Credo Group. The property consists of an office building at the heart of Bradford City Centrewhich totals 105,153 sq. ft. over five floors. The building is let in itsentirety to the Secretary of State for the Environment until 4 April 2027 with abreak clause on 2/4/2021. It is occupied by the Inland Revenue. The current rent is £1,420,000 per annum which reflects £13.50 per sq. ft. andgives a net initial yield of 5.47%. Rent reviews, the first of which is due in2010, throughout the term will increase in line with the Retail Price Index. Michael Sheehan, Chairman of Wichford plc commented; "We are delighted with this acquisition, which is the largest single property wehave acquired to date. With a guaranteed term of at least 15 years and rentreviews assured to increase in line with RPI throughout the term it fitsperfectly into our core portfolio." Enquiries Citigate Dewe Rogerson Tel: 020 7638 9571Patrick Toyne-SewellGeorge Cazenove Notes to Editors Wichford plc is a property investment company, with a portfolio focused on UKinvestment property outside Central London occupied exclusively by UK CentralGovernment bodies, which listed on AIM in August 2004. The company has 57properties under management with a gross asset value of £385,482,500 generatinga rental income of over £24,402,401 per annum. The company maintains aportfolio of properties across the UK with unit values usually between £3million and £15 million. The properties are occupied by UK Central Governmentbodies and all are outside Central London. Wichford is seeking to benefit fromthe Government's commitment to act upon the recommendations of the Lyons Review(March 2004) that about 20,000 public sector jobs should be relocated outsideLondon and the South-East of England over the next seven years. The Company'scurrent portfolio has a weighted average unexpired lease term of 10.13 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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