15th Jun 2005 07:00
Development Securities PLC15 June 2005 DEVELOPMENT SECURITIES PLC EXCHANGES CONTRACTS TO ACQUIRE ORIENTAL CITY Development Securities PLC announces today that it has exchanged contracts topurchase the freehold interest in Oriental City, Colindale, London, NW9 for£26.4m. The property is let on a 25-year term, yielding 6.5%. Oriental City was developed in the late 1980's and comprises 100,000 sq ft ofretail accommodation together with 750 car park spaces. The retail activitycurrently embraces a broad range of specialist oriental foods and otherproducts. The existing 7.5 acre site has the capacity to accommodate a significantlydenser mixed-use development, which is likely to comprise both retail andresidential uses. Development Securities were advised in the purchase by Savills. Julian Barwick, Joint Managing Director at Development Securities, commented: "We believe that the acquisition of this property represents a significantdevelopment opportunity. We intend to redevelop the property to providesubstantially enhanced retail accommodation, which would both maintain andenhance the existing retail offer and allow us to broaden the retailing profileinto other sectors. Additionally, there is ample scope for residentialdevelopment, both private sector and affordable housing." Further enquiries: Julian Barwick 020 7828 4777Development Securities Alison HowardThe Communication Group 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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