Highcroft Investments PLC Retail and residential property disposals (8956P)
31 Mai 2018 - 4:13PM
UK Regulatory
TIDMHCFT
RNS Number : 8956P
Highcroft Investments PLC
31 May 2018
HIGHCROFT INVESTMENTS PLC
31 May 2018
High Street retail and residential property disposals
The Board is pleased to announce that Highcroft Investments PLC
has today exchanged and completed contracts for the sale of its
freehold interest in its property in Cricklade Street
Cirencester.
The property comprises three retail units with two residential
flats on the second floor. The rent is GBP119,320pa. Contracts on
the sale of the freehold have been exchanged, and completed, for an
aggregate gross consideration of GBP1,775,000 which is 6% ahead of
the December 2017 valuation of GBP1,675,000.
This disposal follows the exchange of contracts for sale earlier
this month of the group's smallest asset, a freehold interest in a
residential block of flats in Marylebone. The ground rent is
GBP3,100 per annum and the gross consideration was GBP700,000 which
is 12% below the December 2017 valuation of GBP798,146, but 20%
ahead of the 2016 valuation of GBP583,500.
Commenting on the disposal Chief Executive Simon Gill said:
"These transactions are in line with our stated strategy of
reducing our exposure to the high street and of disposing of our
last residential assets. Highcroft intends to use the proceeds,
together with existing cash resources, to continue to invest in
larger properties to drive investor returns."
For further information, contact:
Highcroft Investments PLC
Simon Gill / Roberta Miles 01865 840023
Panmure Gordon (UK) Limited
Fabien Holler / Andrew Potts
0207 886 2500
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END
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