Business
Sale of building
Sale of building.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n Sutton Harbour Holdings PLC\n10 January 2007\n\n Sutton Harbour Holdings plc ('the Company')\n\n Announcement of Sale of DWP Building\n\n\n\nThe Company is pleased to announce that is has exchanged contracts for the sale\nof the Department of Work and Pensions (DWP) building for a consideration of\n£13.6 million. In addition, the Company retains a long leasehold interest in the\nground floor of the building which is the subject of a put and call option at a\nfixed price of £1 million exercisable after May 2007.\n\nAs a result of the sale of the DWP building the profits from the property\nregeneration division will be significantly greater than our previous\nexpectations. The transport division has continued to experience difficult\ntrading conditions and therefore lower than anticipated profits, so the profits\nfor the Company as a whole for the year ending 31 March 2007 are expected to\nexceed slightly previous market expectations.\n\nThe funds released from the sale of DWP building will be reinvested in other\nproperty regeneration projects.\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1293,"tagName":"div"}]