19th May 2005 10:40
Derwent Valley Holdings PLC19 May 2005 Derwent Valley Holdings plc ("Derwent Valley" or "the Group") is a commercialproperty investor focused on Central London. The Group invests not only in theWest End, but also in improving locations where it perceives future value. At today's Annual General Meeting, John Ivey, Chairman, made the followingcomments: "In my statement of 15 March included in the Annual Report, I described theCentral London Market, in which we operate, as one where there was a stronginvestment market and where tenant demand for office space was improving.Since then, there has been a further strengthening of investment demand. Wehave taken advantage of this, with three disposals totalling £58.6 million, aprice approximately 10% above last December's book value. Whilst the lettingmarket currently does not enjoy the same momentum, it remains encouraging thatwe have reduced our level of space available for occupation to 6,000 m2. Workprogresses on our pipeline of refurbishment and development schemes. Demolitionhas now commenced at Telstar House, Paddington, W2 for a 9,700 m2 officedevelopment and at the 15,900 m2 Johnson Building, Hatton Garden, EC1construction is at an advanced stage, with completion on target for early nextyear. On the planning front, against a background of protracted bureaucracy,we have recently been successful in obtaining two further consents: at GresseStreet, W1 for 4,455 m2 of offices and at Portobello Dock, W10 for 1,810 m2 ofoffices and nine apartments in a separate building. These properties arecurrently income producing and project commencement is scheduled for next year.With these and other projects to deliver into an improving market, we remainconfident of the company's future." 19th May 2005 Enquiries: Derwent Valley Holdings plc 020 7659 3000John Burns, Managing Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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