24th Jun 2005 07:00
Development Securities PLC24 June 2005 24 June 2005 Development Securities lets Vector Point, Redditch Development Securities PLC announced today that it has signed an agreement tolet its 110,000 sq ft industrial facility at Vector Point, in the establishedindustrial area of Redditch, near Birmingham, to an automotive industry relatedmanufacturer. The property was purchased by Development Securities in the first half of 2004with vacant possession with a view to refurbishing it to provide a modernindustrial or warehouse facility. The lease will be 15 years at £586,593 per annum and as part of the lettingagreement, Development Securities will undertake refurbishment work to thebuilding, costing approximately £1.65 million. Matthew Weiner, Investment Director at Development Securities said, "When we acquired the property we consciously took void risk given thecomparative shortage of product of this size in the market place and viewed theletting prospects as good. We believe that identifying such properties withacceptable void risk is an important component of our continuing objective togenerate superior returns." Enquiries: Matthew WeinerDevelopment Securities 020 7828 4777 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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