Disposal

27 Jun 2005 09:24

Warner Estate Holdings PLC27 June 2005 WARNER ESTATE ACHIEVE £8.6M IN SALE OF WORTHING RETAIL WAREHOUSE Warner Estate Holdings PLC has sold the freehold of 120 Ham Road, Worthing toWorthing Retail Limited for £8.6M, reflecting a net initial yield of 4.4%. The property comprises 38,119 sq ft of retail warehouse space and is currentlylet to MFI Properties Ltd until 2020, reflecting a 35-year lease, at a currentrent payable of £406,750pax. The warehouse sits within Warner Estate's core property portfolio. Richard Moore, Property Director at Warner, comments: "The sale achieves asignificant surplus over capital value at a level exceeding our own expectationsin both the short and medium term." 27 June 2005 This information is provided by RNS The company news service from the London Stock Exchange