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29 Feb 2012 07:00
29 February 2012
Rock portfolio update - strong progress with further disposals of assets generating £16.8 million of revenue to date
- Latest disposals at Eastbourne, Radlett and Brixworth
- Resolution to Grant Planning achieved at residential scheme in Woodford, Greater London
Development Securities PLC announces significant progress on the Rock portfolio with the completion of further sales at Radlett, Eastbourne and Brixworth. These latest disposals take the total revenue generated to date to £16.8 million, realising a profit of £4 m.
The site at Eastbourne has been sold to a housing association with planning permission secured for a 21 unit residential scheme on a vacant industrial site on Churchdale Road. In Radlett, a residential plot has been sold to a house builder with planning consent secured for a single dwelling of 7,500 sq ft. At Brixworth, Northants, a 1 acre, 15 dwelling consented residential scheme has been sold to Persimmon homes.
Additionally, on 23rd February, Resolution to Grant Planning was secured for a 28 unit residential redevelopment in Woodford, Greater London, which will be forward sold to a house builder.
Development Securities acquired the Rock portfolio out of administration in October 2010 for £23 million at an initial yield of 5.86%. The portfolio comprises a mixture of commercial, industrial and residential investment and development assets.
For further information please contact:
Lucy Grimble/Matthew Weiner Development Securities PLC 020 7828 4777
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