30th Aug 2005 07:00
Development Securities PLC30 August 2005 30 August 2005 Development Securities sells Milton House, Sheffield Development Securities announced today the sale of the freehold in Milton Housein Central Sheffield for a consideration of £15.5 million, reflecting a netinitial yield of 6.50%. The disposal of the 78,643 sq ft property, purchased by Development Securitiesin 1994 will generate a net surplus of approximately £2.5m over book value. Knight Frank acted for Development Securities PLC. Matthew Weiner, Investment Director at Development Securities PLC, said: "The sale of this property at £2.5m over book value backs up our decision a fewyears ago to take void risk on the property and to refurbish it speculatively toa high specification. "Shortly thereafter, it was fully leased to the First Secretary of State,Midland Mainline and William Hill. With opportunity for further added value nowsignificantly reduced, it is time to realise the gain we have created. Goodstock selection and asset rotation remain key aspects to our investmentstrategy." Enquiries: Matthew Weiner, Development Securities PLC 020 7828 4777Alison Howard, The 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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