WSP Wynnstay Properties Plc

RNS Number:5781M
Wynnstay Properties PLC
2 November 2001

Wynnstay Properties PLC



Acquisition of Industrial Investment Property



Wynnstay Properties PLC ("the Company") announces that it has today exchanged
contracts for the purchase of an industrial property at Whitworth Road, County
Oak Lane, Crawley, West Sussex for a cash consideration of #1,145,000, with
completion scheduled to take place on 8th November 2001.



Constructed in the late 1980's, the freehold property comprises a detached
15,410 sq.ft. industrial unit including 2,140 sq.ft. of offices and ancillary
accommodation. It is situated within the County Oak Way industrial area
adjacent to the A23, being the main access from Crawley to Gatwick Airport.
The site area totals approximately 0.85 acres including ample parking for
vehicles.



The property is let on a 10 year Lease from 7 July 1995 to Geopost UK Limited
(formerly Mayne Nickless (UK) Limited), trading as "Parceline", on full
repairing and insuring terms. The rent is #108,000 per annum representing a
yield of approximately 9% per annum after acquisition costs.



Commenting on the purchase Philip Collins, Chairman, said:



"We are pleased to have secured this property which is of a modern design and
construction, let to a quality covenant. Together with the industrial
properties previously acquired at Aldershot and Alton, this investment, in a
much sought after location, will further improve the portfolio."



END

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