27th Jan 2006 10:00
Slough Estates PLC27 January 2006 27th January 2006 HELIOSLOUGH BUYS LYMEDALE CROSS BUSINESS PARK, STOKE HelioSlough, the joint venture between Slough Estates plc and Helios Propertiesplc, has purchased Lymedale Cross Business Park, Stoke, Staffordshire from RREEF(formally Deutsche Property Asset Management) & JV partner Barlows plc, for£17.7 million. The 42.7 acre (17.28 hectare) site comprises 500,000 sq ft (46,450 sq m) ofpredominantly industrial space, producing an annual rental income of over£840,000. Detailed planning consent has been granted for a further 537,000 sq ft(49,887 sq m), which will include a new 435,000 sq ft (40,411 sq m) RegionalDistribution Centre ("RDC") on 21.6 acres (8.7 hectares) of the site, withaccess via a new link road. The deal also enables an immediate pre-let of 100,000 sq ft (9,290 sq m) of newand existing warehouse/office space to Spode Porcelin & Fine China Company("Spode"), adding circa £450,000 to the annual rental income. Andrew Gulliford, Director, Corporate Acquisitions for Slough Estates said:"This is a tremendous acquisition for HelioSlough, offering existing incomealong with immediate development opportunities. The location has proved verypopular for retail distribution with adjacent developments including New Look,Asda and TK Maxx, and there is considerable occupier interest for new RDC's inthis location." The site is located one mile north of Newcastle-under-Lyme town centre, adjacentto the A34 dual carriageway giving excellent road links to the A500, A50 and M6motorway at Junctions 15 and 16. HelioSlough plans to start the speculative development of the RDC within thenext six months. King Sturge advised HelioSlough on the purchase and has been retained as lettingagent. Deutche Property Asset Management & Barlows were represented by Lamontand FPD Savills. Spode were represented by Bache Creharne. -ends- For more information, please contact: For Slough Estates plc Tel 01753 213335Michael Waring Colin Browne/Liz Morley/Peter Ogden (Maitland) Tel 0207 379 5151For HelioSlough Mike Hughes Tel: 020 7629 6452Ian Purvis, Porterfield PR Tel: 020 7434 2233 Notes to editors:Slough Estates is a leading provider of flexible business space in businessparks in Western Europe and North America, with over 1500 customers occupyingapproximately 3m square metres of business space. Slough Estates' properties arein suburban locations in close proximity to the main business centres, wherethere is long term demand for business accommodation to serve these key economicregions. The company's main activities are currently based around London,Brussels, Paris, Dusseldorf, Amsterdam, San Francisco and San Diego and thecompany continues to develop new business parks with the long term objective ofbuilding shareholder value and enhancing its reputation for quality buildingsoffering excellent value to customers. www.sloughestates.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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