Development Securities PLC GBP11.0m sale of Sevenoaks residential building (1457G)
02 March 2015 - 6:00PM
UK Regulatory
TIDMDSC
RNS Number : 1457G
Development Securities PLC
02 March 2015
2(nd) March 2015
Development Securities sells Tubs Hill House in Sevenoaks for an
initial payment of GBP11.0 million
Development Securities today announces that it has completed the
sale of Tubs Hill House to Prime Place, Willmott Dixon's
residential development business, for an initial payment of GBP11.0
million, realising an initial profit of GBP3.0 million. Tubs Hill
House, a 64,800 sq. ft. office building 200 metres from Sevenoaks
station, was acquired in November 2013 for GBP5.5 million from
administrators acting on behalf of Lloyds Banking Group.
Since acquisition, Development Securities has secured vacant
possession of the building and also Permitted Development Rights to
convert the offices into residential accommodation. A planning
application is currently being progressed for a residential
conversion of up to 91 units and upon successfully securing
planning consent, Development Securities could receive a further
top up payment of up to GBP2.0 million.
Matthew Weiner, Executive Director, Development Securities PLC
said: "Tubs Hill House will create a desirable new residential
tower in Sevenoaks, a key London commuter town where residential
demand is very strong. Willmott Dixon is an experienced residential
developer and we are pleased to have secured a sale to such a high
quality partner. This latest sale demonstrates our trading
activities whereby we are able to source sound opportunities and
then capture value over the short-term, adding to our strengthening
cash flows."
For further information, please contact:
Matthew Weiner/Lucy Grimble, Development Securities PLC
020 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
END
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