9th Jan 2006 07:00
Wichford plc09 January 2006 9 January 2006 WICHFORD PLC Acquires three properties for £15.2 million Wichford plc ("Wichford" or the "Company"), the property investment company,today announces the acquisition of three government occupied office buildings inBirmingham, Paisley and Plymouth for a total consideration of £15,200,000. Thetotal rental income from the three properties is £962,244 pa, so the combinedpurchase price reflects a net initial yield of 6.10%. Duchess Place, Edgbaston, Birmingham This is the largest of the three properties and totals 46,175 sq ft. Located inthe heart of the Edgbaston office market, it is let in its entirety to theSecretary of State for the Environment, Transport and the Regions on a leaseexpiring 31 March 2018. The acquisition price was £8,700,000 and with a net rental income of £522,744,the initial yield is 5.85%. 47-49 High Street, Paisley, Scotland This property is a purpose-built Job Centre and is let to the Secretary of Statefor the Environment until 2020, with a tenant's option to break in September2011. Because of the break this property has been added to Wichford's ActivePortfolio. The acquisition price was £2,700,000 and with a net rental income of £195,000pa, the initial yield is 6.83%. The next rent review is due in 2010. Folio House & Units 3 - 5, Brooklands, Plymouth Folio House is 12,472 sq ft and is let to the Secretary of State for theEnvironment, and occupied by the Learning and Skills Council, until October 2015at a current rent of £165,000 p.a. Units 3 - 5 total 7,370 sq ft and are let to Lloyds TSB plc until 20 December2014 at a current rent of £79,500 p.a. Lloyds have sub-let the majority of theaccommodation to the Devon & Cornwall Police Authority. The price of the Plymouth acquisitions was £3,800,000 and with a net rentalincome of £244,500 pa, the initial yield is 6.10%. Michael Sheehan, Chairman of Wichford plc commented: "These acquisitions at a blended initial yield of just over 6% show Wichford'scontinuing ability to make attractive selective acquisitions in the currentproperty market." Enquiries Citigate Dewe Rogerson Tel: 020 7638 9571 Patrick Toyne-Sewell George Cazenove 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, which listed on AIM in August 2004. The company has 55properties under management with a gross asset value of around £342,682,500generating a rental income of over £21,772,001 per annum. The company maintainsa portfolio of properties across the UK with unit values usually between £3million and £15 million. The properties are occupied by UK Central Governmentbodies and all are outside Central London. Wichford is seeking to benefit fromthe Government's commitment to act upon the recommendations of the Lyons Review(March 2004) that about 20,000 public sector jobs should be relocated outsideLondon and the South-East of England over the next seven years. The Company'scurrent portfolio has a weighted average unexpired lease term of 10.21 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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