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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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