Business
Trading update including property disposal
Trading update including property disposal.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \nRNS Number : 3170U Panther Securities PLC 11 July 2018 \n\n11 July 2018\n \n \nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \nPanther Securities PLC \n(the \"Company\" or the \"Group\")\n \nTrading update including property disposal\n \n \nWimbledon Studios, 1 Deer Park Road, London\n \nThe Company takes great pleasure in announcing that it has today simultaneously exchanged and completed on the sale of its freehold interest in Wimbledon Studios for £18,800,000. The freehold interest was sold to a nominee of the Scottish Widows Property Authorised Contractual Scheme.\n \nThe studios were built in 1970 and currently provide internal accommodation of circa 140,000 square foot over circa 4.5 acres. It has a long history as studios and many household name productions took place there, including 'The Bill' for over 30 years, 'The Iron Lady', 'I'm a celebrity…get me out of here', and several popular music videos. \n \nThis property had a book value of £13,550,000 as at 31 December 2017 and was originally purchased vacant, including stock, equipment and fixed assets for circa £4,750,000 (plus stamp duty) in September 2010. \n \nBeing an entrepreneurial and opportunistic organisation, after buying the vacant property, the Group initially attempted to run its own film studio in this property but unfortunately this was not a successful venture.\n \nIts current tenants, Marjan Television Network Ltd, took occupation in November 2014 and pay rent of £1,050,000 p.a. \n \nThis was a very interesting and ultimately rewarding set of transactions.\n \n \nUpdate on sale of St Nicholas House, St Nicholas Road, Sutton\n \nThe Company previously announced on 16 April 2018 that the completion of St Nicholas House would occur in July 2018. Crown Agents and the Group, who have jointly marketed the property, however accepted a circa £500,000 additional deposit to extend the completion date to August 2018, of which approximately £300,000 is due to be received by th...