19 April 2006
£15.85 million acquisition of Telford building
Wichford PLC ('Wichford' or the 'Company'), the property investment company,
today announces the acquisition of Sapphire House, Stafford Business Park,
Telford from Quintain Estates and Development plc for a cash consideration of
The property consists of a headquarter office building, on a well-connected
business park, which totals 90,150 sq. ft. over five floors as well as parking
for over 330 cars. The building is sublet in its entirety to the Secretary of
State for the Environment and its current lease ends in March 2011.
The current rent is £1,126,875 per annum which reflects £12.50 per sq. ft. and
gives a net initial yield of 6.72%. It is subject to upward only rent reviews
every five years, the first of which is due in 2007.
Michael Sheehan, Chairman of Wichford, commented;
'We are delighted with this acquisition, which is an excellent property in an
excellent location. With a guaranteed term of at least 5 years and upwards only
rent reviews it fits perfectly into our Active portfolio.'
Citigate Dewe Rogerson Tel: 020 7638 9571
Notes to Editors
Wichford plc is a property investment company, with a portfolio focused on UK
investment property outside Central London occupied exclusively by UK Central
Government bodies. Following this acquisition, the Company will have 59
properties under management with a gross asset value of over £400 million
generating a rental income of over £25.5 million per annum. The Company
maintains a portfolio of properties across the UK with unit values usually
between £2 million and £25 million. The properties are occupied by UK Central
Government bodies and all are outside Central London. Wichford is seeking to
benefit from the Government's commitment to act upon the recommendations of the
Lyons Review (March 2004) that about 20,000 public sector jobs should be
relocated outside London and the South-East of England over the next seven
years. The Company's current portfolio has a weighted average unexpired lease
term of 10 years.
This information is provided by RNS
The company news service from the London Stock Exchange