Property Disposals

18 Dec 2007 07:01

Teesland Advantage Property Inc Tst18 December 2007 18 December 2007 Teesland Advantage Property Income Trust Limited ("TAP" or "the Company") Retail and Office Disposals Totalling £1.88m TAP, the listed UK commercial property investment company, which is advised byTeesland Asset Management Limited, the Property Fund Advisor ("the PFA"), awholly owned subsidiary of Teesland iOG, announces that it has completed thesale of an office building and 2 retail units totalling £1.88m. St James Business Centre in Linwood, Paisley has been sold for £1.25m. Theproperty comprises 60 suites of Grade B quality offices totalling 21,274 sq ftlocated close to junction 9 of the M8 motorway. The property is run as servicedoffices with flexible leasing and at the time of sale was 33% vacant. TheCompany acquired the freehold of the property in September 2005 as part of alarger portfolio. The purchaser, an existing tenant intends to run the propertyas a serviced office operation. The net proceeds of sale reflect a 6.9% increase over valuation reflecting a£75,000 profit to the Company. Units 1 and 2, Lunedale House, Morecambe, have been sold for £635,000. Theretail units, which form part of a terrace of five shops owned by TAP, had beenvacant for over a year. Due to limited retailer demand for the premises, the PFAcommitted to changing the marketing strategy by securing a change of use toallow financial services type businesses to occupy the premises. Subsequentlythe property was sold to a local estate agent at 18% above valuation,reflecting a £95,000 profit to the Company. Mark Carrington of Teesland Asset Management Limited commented "These are twoexcellent disposals for the Company given the uncertainty within the widerproperty market at present and further reduce the Company's exposure to voidaccommodation whilst also minimising property cost ratios. The PFA continues tofocus on maximising income and capital growth from the portfolio by implementingvalue enhancing asset management strategies." For further information: Chris Carter Keall Teesland Plc 020 7659 6666Mark Carrington Teesland Plc 020 7659 6666 Brett Robinson Teesland Plc 020 7659 6666 Jeremy Carey/ Rachel Drysdale Tavistock Communications 020 7920 3150Anson Fund Managers Limited Company Secretary 01481 722260 NOTES TO EDITORS: Teesland iOG is now a wholly owned subsidiary of Valad Property Group, with anexcess of £4 billion of European funds under management. The TAP website has recently been re-launched with extensive new content and canbe accessed at www.tapincome.com. E&OE - in transmission This information is provided by RNS The company news service from the London Stock Exchange