Friday, September 08, 2023
Wichford sells Nottingham and York properties for £13.6m
Wichford has announced the disposal of two of its property investments in Nottingham and York for a total consideration of £13.6m. The properties had a total book cost of £10,884,985 and were last valued for the March interims at a combined £12,050,000.
The two properties are as follows:
Ruddington Fields, Nottingham
The property consists of 29,392 sq. ft. and is let to the Secretary of State for the Environment until 2017 at a rent of £327,000 per annum. The Government have sub-let the property and are not in occupation. The sale price was £5,842,500 and this compares favourably with a book cost of £4,860,000 and a book value as at March 06 of £4,950,000.
St James' House, York
The property consists of 34,395 sq. ft. and is let to the Secretary of State until 2015 at a rent of £450,000 per annum. The sale price of £7,806,250 compares favourably with a book cost of £6,024,985 and a book value of £7,100,000. The properties were sold separately to different private investors.
Michael Sheehan, Chairman of Wichford plc commented: "These properties were sold at good yields and produced a healthy profit for the company. In addition the prices achieved are comfortably ahead of the book values as at the March interim stage".
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The two properties are as follows:
Ruddington Fields, Nottingham
The property consists of 29,392 sq. ft. and is let to the Secretary of State for the Environment until 2017 at a rent of £327,000 per annum. The Government have sub-let the property and are not in occupation. The sale price was £5,842,500 and this compares favourably with a book cost of £4,860,000 and a book value as at March 06 of £4,950,000.
St James' House, York
The property consists of 34,395 sq. ft. and is let to the Secretary of State until 2015 at a rent of £450,000 per annum. The sale price of £7,806,250 compares favourably with a book cost of £6,024,985 and a book value of £7,100,000. The properties were sold separately to different private investors.
Michael Sheehan, Chairman of Wichford plc commented: "These properties were sold at good yields and produced a healthy profit for the company. In addition the prices achieved are comfortably ahead of the book values as at the March interim stage".
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The new Property Executive business directory has just been launched. To add a free listing for your company click here.
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