Last checked at 31 Oct 2023 07:00
31 October 2023
PICTON PROPERTY INCOME LIMITED
('Picton')
LEI: 213800RYE59K9CKR4497
Asset Management Update
Picton makes further progress with alternative use strategy for offices
Picton has secured value accretive residential permitted development rights across its entire office asset at Angel Gate, London EC1.
Background
As reported earlier this year, Picton obtained residential consent via permitted development rights on 30,000 sq ft of vacant office space.
This was made possible during a period when the Article 4 restrictions had lapsed, however from September 2023 any further conversion of office space to residential was restricted by an updated Article 4 Direction.
Over the course of this year, Picton engaged directly with both the local and national planning authorities. As a result of this proactive approach, the Article 4 Direction has now been modified to remove the entire 1.7 acre site from this restriction, unlocking a further 34,000 sq ft of space for residential conversion.
Picton has now retained CBRE to undertake a review of strategic options for the asset.
Michael Morris, Chief Executive of Picton, commented:
"This is a significant step forward in our office to alternative use strategy that complements our success in Cardiff, where we have exchanged contracts to sell a partially vacant office building to an experienced PBSA developer; and at Colchester Business Park where we have leased a vacant office unit to a healthcare occupier.
The progress at Angel Gate was made possible by our asset management team's knowledge of the changing planning policy environment and engagement with the planning authorities to achieve a rare outcome that can generate residential supply in a sought after Zone 1 location."
For further information:
Picton
Katharine Thompson, Company Secretary
020 7011 9988, kathy.thompson@picton.co.uk
Tavistock
James Verstringhe
020 7920 3150, james.verstringhe@tavistock.co.uk
About Picton
Picton, established in 2005, is a UK REIT. It owns and actively manages a £761 million diversified UK commercial property portfolio, invested across 49 assets and with around 400 occupiers (as at 30 June 2023).
Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the main market of the London Stock Exchange.
For more information please visit: www.picton.co.uk
ENDS