19th Apr 2006 07:01
Wichford plc19 April 2006 Wichford PLC £15.85 million acquisition of Telford building Wichford PLC ("Wichford" or the "Company"), the property investment company,today announces the acquisition of Sapphire House, Stafford Business Park,Telford from Quintain Estates and Development plc for a cash consideration of£15,850,000. The property consists of a headquarter office building, on a well-connectedbusiness park, which totals 90,150 sq. ft. over five floors as well as parkingfor over 330 cars. The building is sublet in its entirety to the Secretary ofState for the Environment and its current lease ends in March 2011. The current rent is £1,126,875 per annum which reflects £12.50 per sq. ft. andgives a net initial yield of 6.72%. It is subject to upward only rent reviewsevery five years, the first of which is due in 2007. Michael Sheehan, Chairman of Wichford, commented; "We are delighted with this acquisition, which is an excellent property in anexcellent location. With a guaranteed term of at least 5 years and upwards onlyrent reviews it fits perfectly into our Active 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. Following this acquisition, the Company will have 59properties under management with a gross asset value of over £400 milliongenerating a rental income of over £25.5 million per annum. The Companymaintains a portfolio of properties across the UK with unit values usuallybetween £2 million and £25 million. The properties are occupied by UK CentralGovernment bodies and all are outside Central London. Wichford is seeking tobenefit from the Government's commitment to act upon the recommendations of theLyons Review (March 2004) that about 20,000 public sector jobs should berelocated outside London and the South-East of England over the next sevenyears. The Company's current portfolio has a weighted average unexpired leaseterm of 10 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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