Highcroft Investments PLC Property Disposal (3532P)
February 08 2023 - 10:27AM
UK Regulatory
TIDMHCFT
RNS Number : 3532P
Highcroft Investments PLC
08 February 2023
8 February 2023
Highcroft Investments PLC
Virtual freehold warehouse/R&D facility property
disposal
The Board is pleased to announce that Highcroft Investments PLC,
via its property owning subsidiary Rodenhurst Estates Ltd, has
today completed the sale of the virtual freehold interest of its
property at Ely Meadows, Talbot Green, Llantrisant, South
Wales.
The property comprises three inter-connecting buildings
totalling approximately 111,000 sq ft, on a site of approximately
20.67 acres. It is occupied by British Aerospace Avionics
Engineering Ltd on a lease expiring in March 2024, producing an
income of GBP805,011 per annum. The sale price was GBP7,850,000
payable in cash at completion, representing a net yield of 9.6%.
The property was acquired by Cwm Taf Morgannwg University Local
Health Board.
Commenting on the sale, Chief Executive Paul Leaf-Wright said:
"Now that the tenant is no longer in occupation, and in view of the
impending lease expiry in March 2024 and having benefitted from a
yield, on original cost, of 11.6% during our ownership, the Board
decided to market the property which produced strong local
interest. The sale proceeds were GBP1,600,000 (25.6%) in excess of
the audited 31 December 2021, and unaudited 30 June 2022,
valuations of GBP6,250,000. The group intends to invest the
proceeds as soon as practical to ensure that we are invested in
income producing assets. This sale is part of our strategic process
of continually reviewing our portfolio to maximise our returns and
protect our asset base".
For further information contact:
Highcroft Investments PLC:
Paul Leaf-Wright / Roberta Miles 01869 352766
Singer Capital Markets
Peter Steel / Alex Emslie - Investment Banking
+44 (0)20 7496 3000
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END
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