Property Lettings28 Feb 2012 07:28
This West Midlands based property group, is pleased to confirm that the Company has leased 14,446sq feet at Avon House in Bromsgrove to AFH Financial Group Plc, a wealth management company quoted on the PLUS Market. The letting is for a term of 11 years, with a tenant break in September 2018, at a commencing rent of £173,352 pa and rising to £202,244 pa at the first review. Avon House is now fully let and has achieved its estimated rental value ("ERV").
The Company has also secured a number of other lettings and sold additional residential development sites at valuations above the 31 December 2011 book values.
In addition, following discussions with planning consultants, the Company will be submitting a planning application for a 40,000-50,000sqf food store in Southgate, Derby.
The Company is in advanced discussions to acquire a number of properties that meet its asset management, capital growth potential and yield profile.
Occupancy and rental income remain secure and stable with improving demand from occupiers.