5th Sep 2006 07:01
Wichford plc05 September 2006 5 September 2006 WICHFORD PLC DISPOSALS Wichford plc ("Wichford" or the "Company"), the property investment company,today announces the disposal of two of its property investments in Nottinghamand York for a total consideration of £13,648,750. The properties had a total book cost of £10,884,985 and were last valued for theMarch interims at a combined £12,050,000. The two properties are as follows: Ruddington Fields, Nottingham The property consists of 29,392 sq. ft. and is let to the Secretary of State forthe Environment until 2017 at a rent of £327,000 per annum. The Government havesub-let the property and are not in occupation. The sale price was £5,842,500and this compares favourably with a book cost of £4,860,000 and a book value asat March 06 of £4,950,000. St James' House, York The property consists of 34,395 sq. ft. and is let to the Secretary of Stateuntil 2015 at a rent of £450,000 per annum. The sale price of £7,806,250 compares favourably with a book cost of £6,024,985and a book value of £7,100,000. The properties were sold separately to different private investors. Michael Sheehan, Chairman of Wichford plc commented:- "These properties were sold at good yields and produced a healthy profit for thecompany. In addition the prices achieved are comfortably ahead of the bookvalues as at the March interim stage". END Enquiries Citigate Dewe Rogerson Tel: 020 7638 9571 George Cazenove Hannah 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 disposals, the Company will have 63properties under management with a gross asset value of circa £438 milliongenerating a rental income of over £27.1 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 currentportfolio has a 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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