20 Jul 2011 07:00
20th July 2011
Development Securities PLC acquires properties in Ilford and Abbey Wood
Development Securities PLC, the leading UK property development and investment company, today announces the acquisition of properties in Ilford and Abbey Wood both of which it plans to redevelop into mixed use schemes. Both properties were purchased from LPA Receivers.
The Ilford property was acquired for £5.3m in joint venture with London & Continental Investments, at a net initial yield of 5.87%. It comprises 54,686 sq ft of office accommodation arranged over ground and six upper floors and includes 88 car parking spaces. The site which has been highlighted by the Local Authority as an opportunity area and has interesting redevelopment options for a food anchored, mixed use scheme.
The 3.67 acre vacant industrial site in Abbey Wood, South East London, was purchased for £2.75m in joint venture with Berkshire Investment Capital, a specialist property investment and development company. The existing site, originally purchased by Rock Investment in 2007 for £7.5m, was acquired from LPA receivers acting on behalf of Lloyds Banking Group. Development Securities has simultaneously entered into a joint venture with adjoining land owners, Gallions Housing Association to create a combined area of 9 acres of land for mixed use development.
For further information, please contact:
Matthew Weiner, Development Securities PLC 020 7828 4777
Mallika Basu/Lucy Grimble, The Communication Group PLC 020 7630 1411