Last checked at 3 Feb 2010 12:58
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| 3 February 2010 |
THE OFF-PLAN FUND LIMITED
(the "Fund")
Disposal of Properties
The Fund is pleased to announce that on 2 February 2010 it exchanged contracts for the sale of its entire holding of units, comprising eight one-bedroom flats, at The Heart, Walton on Thames.
These properties are being sold to Karlton Properties Limited for a total cash consideration of £1,340,000. This equates to a sale price of £167,500 per flat. The Fund acquired the flats in October 2008 for a purchase price of £165,000 per flat.
On exchange the Fund received a 10 per cent. non-refundable deposit and expects completion to take place by 2 March 2010.
Further to the announcement made by the Fund on 26 October 2009 and the approval, by Members, at a general meeting held on 4 December 2009 of the proposals to commence the orderly winding down of the activities of the Fund, the Directors reconfirm that they will consider all offers for the remaining six units at Wimbledon House, Leicester on an individual or group basis, in relation to their prevailing Red Book Valuations, in order to seek to maximise the potential return of cash to its Members. Furthermore, the Directors would like to remind Members that they will consider whether it is appropriate to make further redemptions or other forms of distributions at the time of the announcement of its annual results for the year ended 30 September 2009 which are expected to be released in March 2010.
List of Contacts:
Development Capital Management
Andy Gardiner
Tom Pridmore
020 7355 7600
Merchant John East Securities Limited
(Nominated Adviser)
Bidhi Bhoma/Simon Clements
020 7628 2200