16th Feb 2005 07:00
Development Securities PLC16 February 2005 Development Securities PLC to develop Huyton town centre site Development Securities PLC today announces the acquisition of the freehold of a3.20 acre site in Huyton in Merseyside for £5.0m. The site comprises thetown's former ASDA superstore and is to be redeveloped by Development Securitiesin conjunction with CTP Ltd, a Manchester-based urban regeneration specialist.Planning permission exists for a comprehensive redevelopment of the site toprovide a minimum of 28 new retail units. The site links the traditional HighStreet with a new 147,000 sq ft ASDA hypermarket to the rear. Under the terms of the transaction with CTP, Development Securities will providefunding for the development, including site acquisition, up to a fixed sum of£14.4m. A start on site is expected immediately and the 105,000 sq ft scheme will beopen for trading in the first quarter of 2006. Wilkinson Hardware is securedas the tenant of the 28,990 sq ft anchor store at an annual rent of £218,000pax. Total ERV for the scheme is estimated at £1.4m pax. Julian Barwick, Joint Managing Director at Development Securities PLC,commented: "This acquisition represents the continuation of our retail strategy, againutilising our development expertise to provide the essential confidence andawareness of risk that these projects entail." Matthew Weiner, Investment Director at Development Securities PLC, commented: "This deal follows on from the acquisition and subsequent sale of the Breck Roadsite in 2004, as we target the retail development market for opportunities inareas where we see robust tenant demand. We do not see this development as beingretained long term within our portfolio." For further information: Julian Barwick / Matthew WeinerDevelopment Securities PLCTel: 020 7828 4777 Nicki Lim / Richard EvansThe Communication Group plcTel: 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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