13 January 2015
Disposal of Nottingham properties
Custodian REIT is pleased to announce the disposal of two properties from its portfolio.
Abbeyfield Road, Nottingham
The Company has sold a 36,924 sq ft hybrid office building on Abbeyfield Road, Nottingham for £1.50m, significantly ahead of the 30 September 2014 valuation of £1.24m. The lease on the property is due to expire on 15 October 2015 and the tenant has confirmed its intention not to renew the lease.
Lace Market, Nottingham
The Company has also disposed of a three storey, 3,249 sq ft office building located in the Lace Market area of Nottingham city centre for £0.30m, in line with its 30 September 2014 valuation. The property is currently vacant.
The cash received from the disposal of these properties will be used to fund further acquisitions, which better fit the investment strategy of the Company. Both properties were part of the initial portfolio acquired on the Company’s admission to the main market of the London Stock Exchange.
Commenting on the disposals, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said:
“The Abbeyfield Road property was approaching the end of the current lease and our long term view is that the building is not suitable for modern office demands. In anticipation of an extended period of void without income, we have accepted an offer for the property significantly ahead of open market value.
“The Lace Market property was vacant and subscale for the Company’s portfolio. A disposal to an owner-occupier has therefore been agreed at valuation.”
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