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(Alliance News) - Aukett Swanke Group PLC on Thursday said it wishes to sell the Old Torpedo Factory property in London as it is "larger than needed" with the site now unoccupied.
The London-based architectural and interior design services provider said its commercial property agents Dutch & Dutch (Commercial) Ltd have been instructed to market the property.
Aukett Swanke said the property was valued at just over GBP3.0 million at March 31. Dutch & Dutch have advised that the property should be marketed at this level.
The property was acquired as part of Aukett Swanke's acquisition of Torpedo Factory Group Ltd in March.
Aukett Swanke said much of the space was previously occupied by TFG's non-core Live Events division. Under the terms of the April disposal of that division, the purchaser continued to operate from the property until the end of August.
Having now vacated, Aukett Swanke said the property is "larger than needed for the remaining interests of the group" and that TFG intends to take a leasehold interest in a "more suitable property in the area".
TFG has borrowings of just over GBP1.4 million secured on the property via a mortgage, Aukett Swanke noted, which is currently due for repayment in February 2024.
Aukett Swanke said a sale at the marketed GBP3.0 million valuation would allow the repayment of the associated mortgage and provide funds for further expansion "without undue dilution for shareholders".
Shares in Aukett Swanke were up 0.1% to 1.59 pence each in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News reporter
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