Residential Acquisition at Clapham Road, London

RNS Number : 0805N

London & Stamford Property PLC

26 August 2011

 



26 August 2011

LONDON & STAMFORD PROPERTY PLC

("London & Stamford")

Residential Acquisition at Clapham Road, Oval, London, SW9 for £24.4m

London & Stamford Property Plc (LSE: LSP.L) announces today that it has exchanged contracts with Kilmorie Investments LLP to acquire the long leasehold interest in 74 private residential units and 30 car parking spaces at The Apartments, 131-143 Clapham Road, Oval, London, SW9 ("Clapham Road") for £24.4 million.  

London & Stamford has paid a deposit of £2.4 million for vacant possession of the recently developed apartments with completion expected in mid-September. The acquisition will be financed initially out of existing cash resources.

The long leasehold is for a period of 999 years and the 74 units have a total net saleable area of approximately 48,500 sq ft. The residential units comprise a mix of studio, 1 bedroom and 2 bedroom apartments. The scheme is located on the southern side of Clapham Road, approximately 500 metres from both the Oval and Stockwell underground stations, giving rapid access to both the City and the West End.

Clapham Road was developed by Galliard Homes Limited.

Raymond Mould, Chairman of London & Stamford Property, said:

"We are very pleased to have added a further good quality asset to our growing residential portfolio so soon after our purchase of Seward Street in Islington.  The fundamentals of the Central London residential market remain strong and London & Stamford continues to look for opportunities in the space."

For further information contact:

London & Stamford Property Plc Raymond Mould Patrick Vaughan Martin McGann	Tel: [phone]
Kreab Gavin Anderson Richard Constant James Benjamin Anthony Hughes	Tel: [phone]

Notes to editors:

London & Stamford Property Plc was set up to exploit opportunities that it anticipated in the UK property cycle and is a group UK-REIT. The Company has a highly experienced management team and invests in commercial property, including office, retail and distribution real estate assets, principally in the UK.

The Company is traded on the London Stock Exchange's Main Market (LSP.L) and is authorised by the FSA to carry out certain regulated activities.

Further information on the Company is available from the Company's website: www.londonandstamford.com 

 

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