24 Jun 2010 07:00
24 June 2010
Development Securities PLC acquires central London property
Development Securities Plc, the leading property development and investment company, today announces that it has acquired Westminster Palace Gardens, Artillery Row in Victoria, London in a joint venture with Caenwood Ventures. The office, residential and retail premises have been acquired for £10.1 million reflecting an income yield of 6.77%.
The Grade II listed mansion block was originally constructed for residential use, but currently comprises four retail units, 30 office suites and 29 residential flats.
Development Securities and Caenwood Ventures along with Alchemi Group, a residential development manager, intend to convert the remaining office suites to apartments in order to take advantage of the rising prime central London residential market.
The acquisition is the latest in a series of transactions that total circa £150 million to date since the Group raised fresh equity of £100 million in July 2009. It is part of the Directors' continuing strategy to widen the Group's trading portfolio to include residential, a market Development Securities has not traditionally invested in.
For further information, please contact:
Mallika Basu/Lucy Grimble, The Communication Group PLC 020 7630 3837
Laurence Martin, Development Securities PLC 020 7828 4777