Sale of Investment Property
February 10 2004 - 11:09AM
UK Regulatory
RNS Number:2386V
Wynnstay Properties PLC
10 February 2004
Wynnstay Properties PLC
10 February 2004
Sale of Investment Property
Wynnstay Properties PLC announces that on Tuesday 10 February 2004, contracts
were exchanged for the saleof its freehold property at 148 Bradfield Road,
Hillsborough, Sheffield for a cash consideration of #930,000, payable on
completion, scheduled for 9 March 2004. This compares with its valuation of
#825,000 at 25 March 2003, representing a profit ondisposal of #105,000, before
costs.
The property, comprising 3 floors of office accommodation, currently produces a
rental income of #78,350 p.a. The proceeds will be applied in reducing bank
borrowings. Commenting on the transaction, Philip Collins, Chairman, said: "I
am pleased we have been successful in achieving a satisfactory price for this
property. Its sale will assist the Company in pursuing our stated objective of
concentrating future commercial property investment in central southern
England."
END
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