21st Nov 2006 12:42
Wynnstay Properties PLC21 November 2006 21 November 2006 Wynnstay Properties PLC (the "Company") Property Disposal Kilmuir House, Epsom Wynnstay Properties PLC announces that on 21st November 2006, contracts wereexchanged for the sale of its freehold property at Kilmuir House, Epsom for acash consideration of £2,000,000 payable on completion, scheduled for 17thJanuary 2007. Currently a vacant four storey office building, planning consent was obtainedfor the construction of a fifth floor and for the property's conversion into 15residential apartments, with A2 commercial use on the ground floor. After taking account of the settlement negotiated with the previous tenant andthe design, planning and selling costs involved, this disposal is expected toresult in a net surplus over book value (being £1,080,000) of approximately£948,000, on which no tax liability should arise. This surplus equates to 30pence per share, which will be reflected in the Company's financial statementsfor the year ending 25th March 2007. The proceeds of sale will be applied in reducing the Company's borrowings,thereby providing additional funds for future property acquisitions. Commenting on the transaction, Philip Collins, Chairman, said "This veryprofitable transaction was achieved as a result of the Company procuring askilfully and sensitively designed scheme for the conversion of the property tosatisfy stringent planning requirements, coupled with a professionally executedmarketing campaign." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Wynnstay Props.