18th Dec 2006 07:01
Wichford plc18 December 2006 WICHFORD PLC ACQUISITIONS Wichford plc ("Wichford" or the "Company"), the property investment company, ispleased to announce the acquisition of two properties in Nottingham and Oldhamfor a total consideration of £10,800,000. Details of the two properties are as follows: Trentside, Nottingham This property is a 1997 built office building of 36,814 sq. ft. and is let tothe Environment Agency until 22nd July 2018. The current rent of £452,500 perannum reflects a rent per sq. ft. of £12.29. At the acquisition price of£7,440,000 the net initial yield is 6%. Tweedle House, Oldham This is a modern office investment of 20,307 sq. ft. let to the Secretary ofState for the Environment until 30/4/2015 at a rent of £205,000 per annum, whichreflects £10.09 per sq. ft. It is occupied as the Job Centre for the town andat the purchase price of £3,360,000, the net initial yield is 6%. Summary In total the properties have a purchase price of £10,800,000 and produce acombined rental income of £657,500. The blended net initial yield is 6%. Thetotal floor area is 57,121 sq. ft. and the average rent is £11.51 per sq. ft. END 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 66properties under management with a gross asset value of circa £491.2 milliongenerating a rental income of over £29.56 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. The Company's currentcore portfolio has a weighted average unexpired lease term of circa 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RDI.L