4th Jul 2006 07:00
Wichford plc04 July 2006 4 July 2006 WICHFORD PLC ACQUISITION OF THREE PROPERTIES FOR A TOTAL OF £23.83 MILLION Wichford PLC ("Wichford" or the "Company"), the property investment company,today announces the acquisition of three properties for a total sum of £23.83million. The three properties are located in Leeds, Barnsley and Ipswich and total139,499 sq. ft. They produce a combined rental income of £1,462,331 per annum,giving a blended yield on the acquisition price of 6.1%. The three properties are: St Clare House, IpswichThe property consists of an 80,000 sq. ft. office building let to the InlandRevenue until 2023, with a break clause in 2021. The current total rent perannum is £695,000 which reflects £8.64 per sq. ft. and the next review is due in2008. The SPV holding the property was acquired for £11,800,000 giving a net initialyield of 5.78%. Waterside, LeedsThis modern office building consists of 36,241 sq. ft. and is located on amodern office park, with the adjoining building also Government occupied. It islet to Secretary of State for Environment, Transport and Regions until May 2015with a break in 2010. The current rent per annum of £530,200 reflects £14.50per sq. ft. The next review is due in 2010. The property was acquired for £8,200,000 giving a net initial yield of 6.1%. Cooper House, BarnsleyThe property is the job centre for the town and consists of a 21,848 sq. ft.office building with the ground floor fitted out as a "Job Centre Plus". Thebuilding is occupied by the Department for Work and Pensions under a letting toSecretary of State for the Environment. The lease expires in 2017. The currentrent of £237,131 per annum reflects £10.85 per sq. ft. and the next review isdue in 2007. The property was acquired for £3,830,000 giving a net initial yield of 5.9%. Michael Sheehan, chairman of Wichford PLC commented; "We are delighted to be announcing further good quality acquisitions at suchattractive yields. We will continue to make selective acquisitions, when wecan, particularly for our Active Portfolio" Enquiries Citigate Dewe Rogerson Tel: 020 7638 9571George CazenoveHannah Seward 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 these acquisitions, the Company will have 63properties under management with a gross asset value of circa £440 milliongenerating a rental income of over £27 million per annum. The Company maintainsa portfolio of properties across the UK with unit values usually between £2million and £25 million. The properties are occupied by UK Central Governmentbodies and all are outside Central London. The Company's current portfolio hasa weighted average unexpired lease term of circa 10 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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